Sec. 7. (a) The small business restart grant
fund is established. The
corporation shall administer the fund.
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Terms Used In Indiana Code 5-28-42-7
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- fund: means the small business restart grant fund established by section 7 of this chapter. See Indiana Code 5-28-42-2
- program: means the Hoosier hospitality small business restart grant program established by section 6 of this chapter. See Indiana Code 5-28-42-3
(c) The fund consists of:
(1) appropriations by the general assembly;
(2) money received from any state or federal grants or programs, including any federal grant or program enacted to provide economic relief in response to the coronavirus disease (COVID-19) pandemic; and
(3) grants, gifts, and donations intended for deposit in the fund, including transfers from other accounts or funds.
(d) The expenses of administering the fund shall be paid from money in the fund.
(e) Money in the fund at the end of a state fiscal year that was allotted to the fund from a federal grant or program reverts to the state general fund only to the extent allowed by federal law.
(f) To the extent possible, the corporation shall award grants using funds received from a federal grant or program before using funds appropriated from the state general fund.
As added by P.L.82-2021, SEC.1.
