(a) There is established under the control of the Economic Development Authority the “Economic Hardship Package” to provide low interest loans to small businesses to help secure their financial viability.
(b) Loans shall be provided at a 3% interest rate to qualifying businesses.
(c) Notwithstanding any other law to the contrary or the provisions of § 1116, funds shall be made available to finance these loans from the Economic Development Fund.
(d) The Authority shall promulgate rules and regulations to establish qualification guidelines and any other rules and regulations it deems necessary for the implementation of this measure within six months of enactment of this Act.