A. A qualified small business with an annual gross revenue of five hundred thousand dollars ($500,000) or less that applies for and receives a small business recovery loan and that is receiving technical assistance from a service provider is eligible to receive additional funding in the amount of one-half percent of the loan amount to pay the service provider for continued technical assistance during the term of the loan or until the service provider certifies to the authority that the qualified small business no longer needs the assistance of the service provider; provided that the:
(1) additional amount shall not be included in the small business recovery loan and shall not require repayment;
(2) additional amount shall be provided to the service provider; and
(3) authority shall use funding made available for the Small Business Recovery Act of 2020 to provide the service provider with the additional amount.
B. Nothing in this section shall be construed to require a small business with an annual gross revenue of five hundred thousand dollars ($500,000) or less to contract with or use the services of a service provider to meet the qualifications of a small business recovery loan.
History: Laws 2020 (1st S.S.), ch. 6, § 6.
ANNOTATIONSEmergency clauses. — Laws 2020 (1st S.S.), ch. 6, § 13 contained an emergency clause and was approved July 7, 2020.