Bill Text | History of Actions | Background | Title |
Description: Disaster relief; establish the Disaster Small Business Bridge Loan Program.
Bill Text: [Introduced]
| 1 | 09/27 (H) Referred To Ways and Means | |
| 2 | 10/07 (H) Died In Committee |
| Effective date | Passage | |
| Disposition | Dead | |
| Deadline | None | |
| Revenue | No | |
| Vote type required | Three/Fifths |
House Committee:
Principal Author: Brown
Additional Author: Watson
Title: AN ACT TO ESTABLISH THE MISSISSIPPI DISASTER SMALL BUSINESS BRIDGE LOAN ACT TO PROVIDE SHORT-TERM LOANS FOR SMALL BUSINESSES THAT SUFFER PHYSICAL DAMAGE AS A RESULT OF A DISASTER FOR WHICH THE GOVERNOR HAS ISSUED A DISASTER DECLARATION TO ASSIST SMALL BUSINESSES IN RETURNING TO BUSINESS AS SOON AS POSSIBLE; TO PROVIDE THAT THE MISSISSIPPI DEVELOPMENT AUTHORITY SHALL ADMINISTER THE LOAN PROGRAM AND SHALL HAVE THE AUTHORITY TO ESTABLISH THE DISASTER LOAN PROGRAM WITH FEDERALLY INSURED FINANCIAL INSTITUTIONS; TO PROVIDE THE MINIMUM AND MAXIMUM AMOUNT OF LOANS AUTHORIZED UNDER THIS ACT; TO PROVIDE THE TERM OF SUCH LOANS; TO ESTABLISH CERTAIN ELIGIBILITY REQUIREMENTS FOR THE RECEIPT OF SUCH LOANS; TO PROVIDE THAT UPON THE ISSUANCE OF A DISASTER DECLARATION BY THE GOVERNOR AND A DETERMINATION OF NEED BY THE MISSISSIPPI DEVELOPMENT AUTHORITY, THE STATE BOND COMMISSION IS AUTHORIZED TO OBTAIN A LINE OF CREDIT IN AN AMOUNT NOT TO EXCEED $25,000,000.00 FOR ANY ONE DISASTER, FROM A COMMERCIAL LENDER, INVESTMENT BANKING GROUP OR A CONSORTIUM OF EITHER OR BOTH, FOR THE PURPOSE OF FUNDING THE LOAN PROGRAM; AND FOR RELATED PURPOSES.
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