Small Business Jobs Grant Fund Program; reduces minimum percentage of revenues.
Reduces from 50 percent to 35 percent the minimum percentage of revenues that a small business must derive from out-of-state sources in order to be eligible for grants from the Small Business Jobs Grant Fund Program. The bill reduces from $100,000 to $50,000 the minimum new capital investment that a company is required to make to be eligible for assistance under the Program. Finally, the bill changes the definition of small business for purposes of the Program from a company that has 250 or fewer employees to one that has 50 or fewer employees in its base year and average annual gross receipts of $3 million or less averaged over the previous 24-month period.
Virginia HB 1969 (2017) — Small Business Jobs Grant Fund Program; reduces minimum percentage of revenues.
Reduces from 50 percent to 35 percent the minimum percentage of revenues that a small business must derive from out-of-state sources in order to be eligible for grants from the Small Business Jobs Grant Fund Program. The bill reduces from $100,000 to $50,000 the minimum new capital investment that a company is required to make to be eligible for assistance under the Program. Finally, the bill changes the definition of small business for purposes of the Program from a company that has 250 or fewer employees to one that has 50 or fewer employees in its base year and average annual gross receipts of $3 million or less averaged over the previous 24-month period.
Version chain
The bill's text revisions, in order — the diff chain from filing to enrollment.
Governor: Acts of Assembly Chapter text (CHAP0264) (committee substitute) — source
House: Bill text as passed House and Senate (HB1969ER) (committee substitute) — source