MS SB2847

Repurposes the Mississippi Small Business Assistance Act into the Mississippi Small Business Recovery and Revitalization Program effective July 1, 2021, expanding eligible assistance to include professional services, tax preparation, payroll, working capital, and adaptive business practices needed during economic downturns.

Increases the maximum loan amount per small business from $250,000 to $300,000.

Authorizes the Mississippi Development Authority to contract with private entities to provide professional services to small businesses, with costs charged to the businesses or assistance proceeds.

Increases authorized state bonded indebtedness for the program from $32,000,000 to $100,000,000.

Preserves existing claims and enforcement rights against entities that received loans prior to July 1, 2021.