Pandemic Darlings The pandemic economy, in original documents
Home Source documents Substitute House Bill 1957 — State of Washington, 2022 Regular Session (Small Business Disaster Recovery)

Substitute House Bill 1957 — State of Washington, 2022 Regular Session (Small Business Disaster Recovery)

Summary

Substitute House Bill 1957 of the State of Washington, 67th Legislature, 2022 Regular Session (H-2436.1), by House Appropriations, originally sponsored by Representatives Rule, Walen, Chapman, and others named on the bill, read first time January 31, 2022. The bill relates to establishing a small business disaster recovery financial assistance program and adds a new section to chapter 43.330 RCW. Subject to appropriated amounts, the department would develop a program of grants to small businesses that have sustained physical damage or economic loss due to a natural or comparable disaster. To be eligible, a business must document annual gross receipts of $5,000,000 or less and a reduction in business income or activity, and the department must make assistance available within three months of receiving an application.

Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used

Cite this document

“Substitute House Bill 1957 — State of Washington, 2022 Regular Session (Small Business Disaster Recovery).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2022-02-17-a29814-bill-1957-s-ced9d2f324/, SHA-256 f163dde1ee0b0f4d966291976c15744d46b4d3d6a79cdb78c8b0c7a8bd67650b.

Full text

     H-2436.1

                           SUBSTITUTE HOUSE BILL 1957


     State of Washington         67th Legislature       2022 Regular Session

     By House Appropriations (originally sponsored by Representatives
     Rule, Walen, Chapman, Santos, Simmons, Ramel, J. Johnson, Riccelli,
     Frame, Ormsby, and Harris-Talley)

     READ FIRST TIME 01/31/22.




1        AN ACT Relating to establishing a small business disaster
2    recovery financial assistance program; adding a new section to
3    chapter 43.330 RCW; and creating a new section.


 4   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:


 5       NEW SECTION. Sec. 1. (1) The legislature finds that for small
 6   businesses impacted by destructive weather events and other natural
 7   or other comparable disasters, financial relief and recovery
 8   resources are often necessary for survival. Many small businesses
 9   that close due to a disaster will never reopen or will close
10   permanently after two years.
11       (2) The legislature further finds that disaster aid is critical
12   to small businesses that may need financing yet struggle with
13   accessing capital due to lack of financial documentation, lack of
14   collateral, credit issues, or being perceived as not bankable. After
15   a disaster, small businesses may deplete savings, borrow from family
16   or friends, take out second mortgages, or grow credit card debt to
17   stay afloat.
18       (3) The legislature further finds that short-term aid, or gap
19   funding, would help retain businesses, jobs, and community resilience
20   while businesses await longer-term financing after a disaster.


                                       p. 1                         SHB 1957
1        (4) Therefore, the legislature intends to establish a grant
2    program to provide financial assistance to small businesses in the
3    immediate aftermath of a disaster.


 4       NEW SECTION. Sec. 2. A new section is added to chapter 43.330
 5   RCW to read as follows:
 6       (1) Subject to the availability of amounts appropriated for this
 7   specific purpose, the department must develop and implement a small
 8   business disaster recovery financial assistance program for the
 9   purpose of providing resources to small businesses that have
10   sustained physical damage or economic loss due to a natural or other
11   comparable disaster.
12       (2) Under the program, the department may provide grants to
13   eligible businesses. Grant funds may be used for payroll, utilities
14   and rent, marketing and advertising, building improvements or
15   repairs, replacing damaged inventory and equipment, and other
16   operations and business expenses.
17       (3) In order to be eligible to apply for a grant under this
18   section, a business must provide documentation of:
19       (a) Annual gross receipts of $5,000,000 or less; and
20       (b) A reduction in business income or activity as a result of a
21   natural disaster such as a flood, earthquake, or wildfire, or a
22   comparable disaster such as major utility disruptions resulting in
23   property damage or prolonged outages.
24       (4) The department must make assistance available for an eligible
25   business within three months of receiving an application.
26       (5)   The  department   must   coordinate   with  local   economic
27   development entities in conducting outreach to small businesses in
28   order to increase awareness and understanding of the small business
29   disaster recovery financial assistance program.
30       (6) The department may make rules to implement this section.

                                  --- END ---




                                     p. 2                         SHB 1957

File and source

File
2022-02-17_a29814_bill_1957-s.pdf
Size
61,970 bytes
SHA-256
f163dde1ee0b0f4d966291976c15744d46b4d3d6a79cdb78c8b0c7a8bd67650b
Our copy
2022-02-17_a29814_bill_1957-s.pdf
Original
No public link identified.
Back to top