[14-20] Start-up Interest Support Act of 2020

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[14-20] Start-up Interest Support Act of 2020

Post by Toretto » Sun Apr 19, 2020 10:36 pm

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SUBMITTED BY: Senator Buchanon
SPONSORED BY: Senator Buchanon
SENATE BILL N° 14-20



An act to support the growth of small businesses


THE PEOPLE OF THE STATE OF SAN ANDREAS DO ORDAIN AS FOLLOWS:

  • Section 1. DEFINITIONS
    1. "Start-up" means a company not older than five (5) years by a natural person who has not founded a company before in the State of San Andreas or in the United States.
    Section 2. PROVISIONS
    1. Start-ups founded in the State of San Andreas shall be eligible for a subsidy of the loan interest payment not exceeding fifty (50) percent of their annual interest payments.
    2. The maximum subsidy for one start-up shall be limited to $40,000 per year, and a subsidy should be granted for a maximum of three (3) years to one start-up.
    3. Only loans with an interest rate at or below five (5) percent shall be eligible for a subsidy.
    4. The State of San Andreas shall allocate five hundred thousand ($500,000) per fiscal year for this program.
    5. The State Treasurer shall handle all applications and decide whether subsidies should be granted or not.
    6. The State Treasurer is instructed to proritize the youngest start-ups.
    7. The State Treasurer is instructed to evaluate the business plans of the applicants prior to granting or rejecting the subsidy.
  • Section 2. SEVERABILITY
    1. The provisions of this bill are severable. Should any part of it be declared unconstitutional, it shall not impact the parts that remain.


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Jerry Richardson
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