Committee on Small Business

This bill would require the Department of Small Business Services (SBS) to establish a program to provide loans, grants, services, materials, or some combination, to support small businesses affected by city construction projects. To qualify, businesses must demonstrate (i) a reasonable expectation of costs or losses resulting from a city construction project that is expected to disrupt traffic for 30 days or more; (ii) a plan to mitigate or offset such costs and losses; and (iii) any other application requirements stipulated by SBS. Loans under this program would be limited to $50,000 per storefront per year and would have an interest rate of no more than 3 percent. Grants or reimbursements would be limited to $15,000 per storefront per year. SBS would create an application process and timeline of 30 days or less to review and issue a final determination on applications. Awards under this program must be disbursed within 14 days of the business meeting all applicable requirements.

This bill would require the Department of Small Business Services (SBS) to establish a program to provide loans, grants, services, materials, or some combination, to support small businesses affected by city construction projects. To qualify, businesses must demonstrate (i) a reasonable expectation of costs or losses resulting from a city construction project that is expected to disrupt traffic for 30 days or more; (ii) a plan to mitigate or offset such costs and losses; and (iii) any other application requirements stipulated by SBS. Loans under this program would be limited to $50,000 per storefront per year and would have an interest rate of no more than 3 percent. Grants or reimbursements would be limited to $15,000 per storefront per year. SBS would create an application process and timeline of 30 days or less to review and issue a final determination on applications. Awards under this program must be disbursed within 14 days of the business meeting all applicable requirements.

This bill would require the Department of Small Business Services (SBS) to establish a program to provide loans, grants, services, materials, or some combination, to support small businesses affected by city construction projects. To qualify, businesses must demonstrate (i) a reasonable expectation of costs or losses resulting from a city construction project that is expected to disrupt traffic for 30 days or more; (ii) a plan to mitigate or offset such costs and losses; and (iii) any other application requirements stipulated by SBS. Loans under this program would be limited to $50,000 per storefront per year and would have an interest rate of no more than 3 percent. Grants or reimbursements would be limited to $15,000 per storefront per year. SBS would create an application process and timeline of 30 days or less to review and issue a final determination on applications. Awards under this program must be disbursed within 14 days of the business meeting all applicable requirements.

This bill would require the Department of Small Business Services (SBS) to establish a program to provide loans, grants, services, materials, or some combination, to support small businesses affected by city construction projects. To qualify, businesses must demonstrate (i) a reasonable expectation of costs or losses resulting from a city construction project that is expected to disrupt traffic for 30 days or more; (ii) a plan to mitigate or offset such costs and losses; and (iii) any other application requirements stipulated by SBS. Loans under this program would be limited to $50,000 per storefront per year and would have an interest rate of no more than 3 percent. Grants or reimbursements would be limited to $15,000 per storefront per year. SBS would create an application process and timeline of 30 days or less to review and issue a final determination on applications. Awards under this program must be disbursed within 14 days of the business meeting all applicable requirements.