HB 5651
Microbusiness Support & Simplification Act
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill establishes a statewide program to support and simplify operations for microbusinesses in West Virginia. It creates a dedicated fund to provide grants and microloans through qualified intermediaries, focusing on rural areas and specific groups like veteran-owned businesses. The program aims to streamline access to technical assistance, improve payment terms for microbusiness vendors, and reduce administrative burdens for small businesses.
Key provisions
- Creates a West Virginia Microbusiness Support Program coordinated by the Division of Economic Development.
- Establishes a nonlapsing fund, the West Virginia Microbusiness Support Fund, to provide grants and loans.
- Allows for micro-grants to microbusinesses for various business expenses.
- Requires prompt payment (within 15 days) for certified microbusiness vendors on state contracts.
- Creates a micro-purchase set-aside process for state agencies.
- Requires agencies to provide plain-language compliance guides for new rules impacting small entities.
- Encourages leveraging federal microenterprise resources through partnerships.
- Defines key terms such as ‘microbusiness’ and ‘certified microbusiness vendor’.
Who is affected
- Microbusinesses (defined as businesses with fewer than nine employees)
- State government agencies
- Small business development centers
- Community-based nonprofits
- Rural communities
Notable changes
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