HB4175 S ECD AMT
The Committee on Economic Development moved to amend the bill by striking out the title and substituting therefor a new title, to read as follows:
Eng. Com. Sub. for House Bill No. 4175--A Bill to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §5B-1-8, relating to providing financial assistance to small businesses for losses arising during states of emergency; authorizing the Department of Commerce to provide short-term, low-interest loans to adversely-affected small businesses; specifying eligibility criteria; requiring written finding by the Governor; establishing an application process and time period; setting limits on the aggregate and individual amounts of loans and their duration and quantity; accounting for interest collected on program loans; requiring written loan agreement; declaring legal obligation to the state; authorizing actions to recover delinquent loans; authorizing and requiring the filing of emergency and legislative rules; and requiring the filing of annual reports.