SB 104 — Small Business Financial Assistance

FloridaDOCUMENT SenateUNAVAILABLE - 2018 SB 104 By Senator Garcia 36-00095-18 2018104__ A bill to be entitled An act relating to small business financial assistance;

creating s.

295.231, F.S.;

creating the Veterans Employment Small Business Grant Program within the Department of Economic Opportunity;

directing Florida Is For Veterans, Inc., to administer the program;

defining terms;

authorizing the corporation to accept and administer moneys appropriated for such grants;

specifying grant amounts;

limiting the amount that a small business may receive under the program;

requiring a small business to apply to and enter into an agreement with the corporation to receive grants;

prescribing minimum criteria for such agreements;

requiring the corporation to notify the appropriate regional small business development center of a small business’ participation;

authorizing the department to adopt rules;

prescribing reporting requirements;

providing for termination of the program;

providing appropriations;

providing an effective date.

22 Be It Enacted by the Legislature of the State of Florida:

24 Section 1. Section 295.231, Florida Statutes, is created to read:

295.231 Veterans Employment Small Business Grant Program.

The Veterans Employment Small Business Grant Program is created within the Department of Economic Opportunity to be administered by Florida Is For Veterans, Inc.

The purpose of the program is to stimulate investment in the state’s economy by providing grants to small businesses that hire and employ honorably discharged veterans or disabled veterans with service-connected disabilities.

(1) As used in this section, the term:

(a) “Corporation” means Florida Is For Veterans, Inc.

(b) “Small business” means an independently owned and operated, for-profit, privately held business that employs 50 or fewer persons;

generates $1 million or less in annual revenue;

and has maintained its principal place of business in this state for at least the previous 4 calendar years.

(2) The corporation may accept and administer moneys appropriated to the department for transfer to the corporation to provide grants to encourage small businesses in this state to hire and employ veterans.

(3) A small business that initially hires a veteran on or after July 1, 2018, as an employee may receive a one-time grant of:

(a) Fifteen hundred dollars per newly hired veteran, as defined in s.

1.01(14).

(b) Three thousand dollars for each newly hired disabled veteran, as that term is described in s.

295.07(1)(a).

(4) The total dollar amount of grants awarded to a participating small business under subsection (3) may not exceed $10,500 per fiscal year.

(5) A small business must apply to and enter into an agreement with the corporation in order to participate in the program.

The agreement must require that the small business:

(a) Employ a qualifying veteran for at least 1 year before becoming eligible for a grant awarded under subsection (3).

(b) Report information regarding the employment status of each qualifying veteran, if requested to do so by the corporation.

(c) Pay each qualifying veteran an amount equal to at least 90 percent of the annual median income for veterans in this state, based on the most recent federal census or the most recent American Community Survey 5-year estimates published by the United States Census Bureau.

(d) Use any awarded grant moneys to facilitate the small business’ creation of additional jobs for and employment of veterans;