Section 57-121-7 - Application for grant; use of funds; program terms and conditions(1) Any eligible business desiring to participate in the program shall make application for a grant to the MDA in a form satisfactory to the MDA. The application shall include verified documentation, signed under penalty of perjury.(2) The MDA shall use the funds provided by this chapter to make grants to eligible businesses pursuant to applications submitted under subsection (1) of this section, to cover their eligible expenses.(3) The use of grants shall be subject to audit by the United States Department of the Treasury's Office of Inspector General and the Mississippi Office of the State Auditor. A business found to be fully or partially noncompliant with grant requirements shall return to the state all or a portion of the grant monies received. Applicants shall confirm their understanding of these terms.(4) The program shall be subject to the following terms and conditions:(a) The base payment to an eligible business shall be One Thousand Five Hundred Dollars ($1,500.00). An eligible business may choose to receive additional compensation by either claiming Five Hundred Dollars ($500.00) per full-time equivalent employee employed by the eligible business as of March 1, 2020, or itemizing eligible expenses on the application form. The total payment shall be reduced by the amount of any Paycheck Protection Program (PPP) funds, Economic Injury Disaster Loan (EIDL) Emergency Advance funds up to a maximum of Ten Thousand Dollars ($10,000.00), and business interruption insurance proceeds received by the eligible taxpayer; provided, however, that the total payment shall not be reduced by more than half. In no event shall the total payment to an eligible business under this section exceed Twenty-five Thousand Dollars ($25,000.00).(b) At least Forty Million Dollars ($40,000,000.00) in grants, exclusive of administrative expenses retained by the MDA, shall be awarded to minority business enterprises for the first sixty (60) days of the application period.(c) Grants awarded shall be protected from creditors and shall not be subject to tax.Amended by Laws, 2022, ch. 347, HB 1529,§ 3, eff. 1/1/2020.Amended by Laws, 2021, ch. 443, HB 1446,§ 1, eff. 3/27/2020.Added by Laws, 2020, ch. 303, SB 2772,§ 8, eff. 5/20/2020.Added by Laws, 2020, ch. 494, SB 3053,§ 1, eff. 8/18/2020.