HB 1505

Abstract

Department of Small Business and Supplier Diversity; small business grant funds. Repeals the Small Business Jobs Grant Fund Program. Under the bill, any cash balances in the Small Business Jobs Grant Fund will be transferred to the Small Business Investment Grant Fund. The bill decreases the amount of an eligible grant under the Small Business Investment Grant Fund from the lesser of 50 percent of the qualified investment or $50,000 to the lesser of 25 percent of the qualified investment or $50,000. The bill also allows the Virginia Small Business Financing Authority to utilize the any cash balances transferred from the Small Business Jobs Grant Fund to the Small Business Investment Grant Fund to implement a grant program for certain small businesses affected by the novel coronavirus (COVID-19) pandemic public health crisis during the period for which the Governor has declared a state of emergency. The bill contains an emergency clause.

Department of Small Business and Supplier Diversity; small business grant funds. Repeals the Small Business Jobs Grant Fund Program. Under the bill, any cash balances in the Small Business Jobs Grant Fund will be transferred to the Small Business Investment Grant Fund. The bill also decreases the amount of an eligible grant under the Small Business Investment Grant Fund from the lesser of 50 percent of the qualified investment or $50,000 to the lesser of 25 percent of the qualified investment or $50,000.