MS SB2635

Renames the Mississippi Small Business Assistance Act to the Mississippi Small Business Recovery and Revitalization Act, effective July 1, 2022, to help small businesses remain open during economic downturns

Expands eligible assistance to include professional services, tax preparation, employee payroll, working capital, outstanding business expenses, and adaptive business practices

Increases the maximum loan amount for individual small businesses from $250,000 to $300,000

Increases authorized bonded indebtedness from $32 million to $100 million to fund the expanded program

Defines eligible small businesses as those with fewer than 100 full-time employees, less than $7 million in net worth, or less than $750,000 in net annual profit after taxes, with at least 60% Mississippi ownership