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15E.361 - SMALL BUSINESS DISASTER RECOVERY FINANCIAL ASSISTANCE PROGRAM.

        15E.361  SMALL BUSINESS DISASTER RECOVERY FINANCIAL
      ASSISTANCE PROGRAM.
         1.  The department shall establish and administer a small business
      disaster recovery financial assistance program.  Under the program,
      the department shall provide grants to administrative entities for
      purposes of providing financial assistance to eligible businesses
      that sustained physical damage or economic loss due to a natural
      disaster occurring after May 24, 2008, and before August 14, 2008.
      Moneys shall be allocated to administrative entities on the basis of
      the percentage of disaster loans awarded by the United States small
      business administration to businesses located within a city's
      jurisdiction or a disaster recovery area as defined by the
      department.
         2.  An eligible business is a business that sustained physical
      damage or economic loss due to a natural disaster occurring after May
      24, 2008, and before August 14, 2008, and has executed loan documents
      for a disaster loan from an eligible lender as defined by the
      department.  Financial assistance shall be in the form of forgivable
      loans and reimbursement for acquisition of energy-efficient
      equipment.  The maximum amount of a forgivable loan is twenty-five
      percent of the loan amount from the eligible lender up to a maximum
      of fifty thousand dollars.  Up to an additional five thousand dollars
      of assistance shall be available for the reimbursement of
      energy-efficient purchases and installation.
         3.  As determined by the department, unused or unobligated moneys
      may be reclaimed and reallocated by the department to other
      administrative agencies.
         4.  For purposes of this section, "administrative entity"
      means cities identified by the department that administer local
      disaster recovery programs and councils of government.  

         Section History: Recent Form

         2009 Acts, ch 170, §1, 11 

         Footnotes

         Section is effective March 16, 2009, and applies retroactively to
      July 1, 2008, for the fiscal year beginning on that date; funding;
      2009 Acts, ch 170, §11