May 14, 2020
Mississippi Legislature APPROVES $300 Million
for MS Small Businesses!
Lt. Gov. Delbert Hosemann along with Speaker of the House Phillip Gunn and other Mississippi legislators recently held a press conference on Thursday morning regarding Senate Bill 2772—the small business grant program—that allocates $300 million from the Coronavirus Relief Fund. This will create two separate programs providing a direct payment to some small businesses and a grant program to others.

WHAT TO EXPECT:

$60 million will be provided to the direct payment program and will be administered by the Mississippi Department of Finance and Administration. This program provides a flat $2,000 check to qualifying businesses that shut down such as hairstylists, fitness centers, and some restaurants.

$240 million will be provided to the grants and $40 million of that grant money total will be set aside for minority-owned businesses. The grants will be administered by the Mississippi Development Authority (MDA). All small businesses with 50 or fewer employees that have experienced “required or voluntary closures related to COVID-19” can apply for the “Back to Business Mississippi Grant Fund,” which could make available up to $25,000 in funds.

To qualify under either program, a business must:
  • Have registered with the Mississippi Department of Revenue on or before March 1, 2020;
  • Have filed state taxes for the 2018 or 2019 tax year, or plan to file state taxes for 2020 (only businesses which were created on or after January 1, 2020);
  • Not be a subsidiary of a business with 50 or fewer employees, or be part of or owned by a larger business enterprise with 50 or fewer employees; and
  • Be controlled by one or more Mississippi residents.

The programs are available to all small businesses, including sole proprietorships.

Additional resources can be found below:
The Clinton Chamber of Commerce
P.O. Box 143 | 100 E. Leake Street | Clinton, MS 39056
(601) 924-5912 | info@clintonchamber.org
www.clintonchamber.org