HB 5481 Summary

• Establishes a women-owned and minority-owned business grant program administered by the Department of Economic and Community Development for businesses established during or adversely affected by COVID-19.

• Individual grants cannot exceed $25,000, with total program funding capped at $5 million, and all grants must be issued by June 30, 2022.

• Requires applicants to submit information including principal business location, ownership structure, intended grant use, and other details deemed necessary by the commissioner.

• Allocates $5 million from federal COVID-19 relief funds (CARES Act, CRRSA, or American Rescue Plan Act) to finance the program.

• Mandates reports to the legislature by January 1, 2022 on program progress and by January 1, 2023 with data on grants awarded, businesses served, employee counts, and grant usage.