Kentucky Statutes 154.20-586 – Eligible companies — Requirements
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(1) The eligible company shall:
(a) Apply for all other available assistance that is not a commercial loan, including disaster relief assistance and insurance proceeds;
(b) Notify the qualified lenders immediately upon application of other assistance;
and
(c) Provide an update on the status of that assistance when requested by the qualified lenders.
(2) The eligible company may assign any other available assistance to the qualified lender.
(3) The qualified lender shall use the other available assistance to first pay any fees or other amounts outstanding to reduce the principal balance of the commercial loan.
(4) The eligible company may apply for other programs administered by the Cabinet for Economic Development for which it meets the relevant program specific eligibility.
Effective: June 29, 2023
History: Amended 2023 Ky. Acts ch. 75, sec. 18, effective June 29, 2023. — Created
2022 Ky. Acts ch. 222, sec. 4, effective April 15, 2022.
(a) Apply for all other available assistance that is not a commercial loan, including disaster relief assistance and insurance proceeds;
Terms Used In Kentucky Statutes 154.20-586
- Cabinet: means the Cabinet for Economic Development as established under KRS
12. See Kentucky Statutes 154.1-010 - Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
(b) Notify the qualified lenders immediately upon application of other assistance;
and
(c) Provide an update on the status of that assistance when requested by the qualified lenders.
(2) The eligible company may assign any other available assistance to the qualified lender.
(3) The qualified lender shall use the other available assistance to first pay any fees or other amounts outstanding to reduce the principal balance of the commercial loan.
(4) The eligible company may apply for other programs administered by the Cabinet for Economic Development for which it meets the relevant program specific eligibility.
Effective: June 29, 2023
History: Amended 2023 Ky. Acts ch. 75, sec. 18, effective June 29, 2023. — Created
2022 Ky. Acts ch. 222, sec. 4, effective April 15, 2022.