AZ HB2499

Establishes the small business assistance grant fund administered by the Arizona Commerce Authority to provide $10,000 grants to eligible businesses impacted by COVID-19.

Eligible applicants include sole proprietors, independent contractors, self-employed individuals, Tribal small businesses, and cooperatives/employee-owned businesses that operate in Arizona, employ 25 or fewer employees, and closed due to the COVID-19 pandemic after being in operation since January 31, 2020.

Excludes publicly held corporations, real estate investment firms, banks, credit unions, and other lending entities from grant eligibility.

Allocates at least 30 percent of grant fund monies to qualified businesses located in counties with fewer than 900,000 persons, with priority given to businesses that have not received federal financial assistance.

Appropriates $10,000,000 from the state general fund in fiscal year 2020-2021 to the grant fund, with the appropriation exempt from lapsing provisions and the Arizona Commerce Authority exempt from rulemaking requirements for one year.