Signed by Governor Pete Ricketts

Vote Smart's Synopsis:

Vote to amend and pass a bill that establishes the Small Business Stabilization Grant Program Act.

Highlights:

• Establishes the Small Business Stabilization Grant (Sec. 4).

• Specifies that only small business experiencing a significant loss of revenue of 50% are eligible (Sec. 2).

• Defines “significant loss” as no more than $1 million of gross revenue (Sec. 2). 

• Defines “qualifying event” as any natural disaster, pandemic, or when state emergency proclamation was declared (Sec. 2).

• Specifies that the Department of Economic Development shall receive applications on a first-come/first-serve basis (Sec. 4).

• Prohibits a grant from being over $12,000 (Sec. 4).

• Establishes that non-state funds can equalize grant money up to 25% for those residing in a redevelopment area (Sec. 8).

• Establishes that non-state funds can equalize grant money up to 50% for non-redevelopment areas (Sec. 8).

Full Bill Text