Budget Amendment ID: FY2022-S3-117

OTH 117

COVID-19 Nascent Business Relief Fund

Ms. DiZoglio, Messrs. Tarr and O'Connor moved that the proposed new text be amended by inserting after section 63 the following section:-

SECTION XX. (a) There shall be established and set upon the books of the commonwealth a separate fund to be known as the COVID-19 Nascent Business Relief Fund to be administered by the office of housing and economic development.

(b) The purpose of the Fund shall be for financial assistance in the form of grants to (i) businesses within the commonwealth that are experiencing financial distress as a result of the 2019 novel coronavirus, or COVID-19, outbreak, or the governor’s March 10, 2020, declaration of a state of emergency for the commonwealth and subsequent executive orders pursuant thereto, which were operational as of the date of said declaration and prior thereto for a minimum of 3 months, and which would otherwise be eligible for previous grant opportunities provided by the commonwealth in response to the economic impact of COVID-19 but for lack of operational and income history, and (ii) 501(c)(6) organizations within the commonwealth that are experiencing financial distress as a result of the COVID-19 outbreak, or the governor’s March 10, 2020, declaration of a state of emergency for the commonwealth and subsequent executive orders pursuant thereto. Such financial assistance shall include, but not be limited to, grants for: (i) loss of revenue; (ii) unexpected expenses, such as expenses incurred to meet general business reopening guidelines and sector-specific COVID-19 safety standards; or (iii) loss of contributions, grants, or other financial assistance as a result of the COVID-19 outbreak.

(c) There shall be credited to the Fund all amounts that are, by law, transferred or authorized to be transferred thereto or directed to be deposited therein, and all amounts received as gifts, grants or contributions for the purposes of the Fund. Amounts credited to the Fund shall not be subject to further appropriation and any money remaining in the Fund at the end of a fiscal year shall not revert to the General Fund.

(d) The secretary of housing and economic development shall promulgate regulations or other guidelines necessary for the administration and implementation of this section.

(e) On the effective date of this act, the comptroller shall transfer $5,000,000 from the General Fund to the COVID-19 Nascent Business Relief Fund established in this section to carry out the purposes thereof.