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2020 SESSION
House Bills with Recommendations by the Governor
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H.B. 1505.
An Act to amend and reenact §§ 2.2-1605 and 2.2-1616 of the
Code of Virginia and to repeal §§ 2.2-1611 and 2.2-1615 of the Code of
Virginia, relating to the Department of Small Business and Supplier Diversity;
small business grant funds.
- 04/22/20 House: Reenrolled bill text (HB1505ER2)
- 03/06/20 House: Bill text as passed House and Senate (HB1505ER)
- 01/08/20 House: Presented and ordered printed 20102908D
Patrons--Jenkins and Runion
Passed the House of Delegates
February 11, 2020
(84-Y 15-N)
GOVERNOR'S RECOMMENDATION
1. Line 130, enrolled, after Virginia.
insert
The Virginia Small Business Financing Authority (the Authority)
may utilize such cash balance to implement a grant program for 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
emergency). A small business must demonstrate financial stress from the
emergency; be established before March 12, 2020; be in good standing; have
annual gross revenues of no more than $1.5 million in its most recent fiscal
year; have no more than 25 employees, all of whom are employed within the
Commonwealth; and otherwise meet the requirements of a “small business” as that
term is defined in subsection A of § 2.2-1616 of the Code of Virginia. A small
business shall apply with the Authority to receive a grant of up to $5,000
pursuant to this enactment for the following eligible expenses: (i) payroll
support, including paid sick, medical, or family leave, and costs related to
the continuation of group health care benefits during those periods of leave;
(ii) employee salaries; (iii) mortgage payments; (iv) rent (including rent under
a lease agreement); (v) utilities; and (vi) principal and interest payments for
any business loans from national or state-chartered banking, savings and loan
institutions, or credit unions, that were incurred before or during the emergency.
A small business shall provide to the Authority such information as the Authority
deems necessary to demonstrate that it meets the qualifications set forth in
this enactment and in subsection A of § 2.2-1616 of the Code of Virginia.
4. That an emergency exists and this act is in force from its
passage.