(a) The Commission may with respect to a small business:
(1) reduce the minimum investment requirement of section 708(a) of this subchapter to not less than $20,000; and
(2) reduce the minimum employment requirement of section 708(f) of this subchapter to not less than two (2) employees. However, the participant shall hire one (1) Virgin Islands resident, as defined in section 703(e) of this subchapter, for every $1,000,000 of net income prior to salaries.
(b) Notwithstanding section 713a(b) of this subchapter, the term for a participant in the Small Business Program is fifty percent of the otherwise applicable term that would apply to a participant in the Economic Development Program other than a participation in the Small Business Program. However, at the conclusion of the initial term, a participant in the Small Business Program may apply for an extension in accordance with section 715 of this subchapter.
(c) Notwithstanding and in addition to the residency requirements of section 708 of this subchapter, the participant shall agree in writing to purchase or build a home in the Virgin Islands within 18 months of obtaining benefits under this subchapter as evidence of permanent residency in the Virgin Islands and commitment to the Virgin Islands community.
(d) Notwithstanding the definition of “employer” set forth in title 24, chapter 3, section 62, of this Code, as amended, all participants in the Small Business Program established under this section are subject to the provisions of title 24, chapter 3, section 76, of this Code (1997 ed., 2000 supp.) relating to grounds for discharge of employees.