Arkansas Administrative Code › Agency 003 - DEPARTMENT OF COMMERCE › Division 19 - Arkansas Economic Development Commission › Rule 003.19.20-015 - Ready for Business Grant Program Emergency

Current through Register Vol. 49, No. 6, June, 2024
EMERGENCY STATEMENT
The Arkansas Economic Development Commission (AEDC) has
				determined that a change to the terms and conditions of the Ready for Business
				Grant Program is necessary because of recent changes to federal law directly
				impacting the program.
The emergency rule will allow AEDC to extend the deadlines for
				recipients to incur expenses and submit receipts to September 30, 2021 and
				October 31, 2021, respectively. An emergency rule is necessary due to the
				pending deadlines under the program that have been directly affected by a
				change in federal law.
EMERGENCY RULE SUMMARY
* The Ready for Business Grant Program is funded entirely
				through federal CARES Act appropriation.
* The current Ready for Business Grant Program terms and
				conditions state that covered expenses under the program must be incurred no
				later than December 30, 2020, the deadline specified under the original CARES
				Act.
* On December 21, 2020, Congress amended the CARES Act to
				extend the deadline for eligible expenses to December 31, 2021.
* The proposed emergency rule changes the deadline for expenses
				to be incurred from December 20, 2020, to September 30, 2021.
* Similarly, the deadline for submitting receipts to AEDC is
				extended from January 31, 2021 to October 31, 2021.
EFFECTIVE DATE
This rule shall become effective on December 29, 2020 upon
				filing with the Secretary of State and shall expire 120 days thereafter.
RULEMAKING AUTHORITY
The Arkansas Economic Development Commission has grant making
				and rulemaking authority under A.C.A. §
								15-4-209(a)(l)
				and §
								15-4-209(b)(5).
Arkansas Department of Commerce
Arkansas Economic Development Commission
1 Commerce Way, Suite 601 . Little Rock, AR 72202
ARKANSASEDC.COM
Arkansas Ready for Business Grant Program Terms &
				Conditions (Updated December 28, 2020)
1.
Grant
			 Program
.
A. Any applicant
			 ("Applicant") requesting grant funds ("Grant Funds") from the Arkansas Economic
			 Development Commission ("AEDC") agrees to use such funds only as set forth in
			 these terms and conditions. Applicant acknowledges and agrees that any grant
			 made by AEDC is discretionary and that Applicant may not be awarded any Grant
			 Funds or a lesser amount of Grant Funds than requested.
B. Applicant acknowledges that it is
			 responsible for correctly completing its application for Grant Funds and that
			 AEDC will not consider incomplete applications.
C. The provisions of the Arkansas Ready for
			 Business Grant Program Summary are incorporated into these terms and conditions
			 by reference.
D. Fifteen percent
			 (15%) of approved eligible applicants must be minority, women, or disabled
			 veteran owned businesses as defined in Ark. Code §
									15-4-303.
E. Only one grant will be approved per
			 applicant. If multiple applicants are affiliated under common shareholder or
			 management control, only one grant will be approved per controlled group of
			 affiliates.