$100 million will go to small businesses affected by coronavirus, MS leaders pledge
State leaders plan to work quickly to distribute $100 million in CARES Act funds for the COVID-19 pandemic to small businesses in Mississippi.
The Legislature hopes to have a bill passed by early next week that will establish as least one program to assist small businesses with funding, state leaders said.
After a feuding over the money, Reeves said he invited Lt. Gov. Delbert Hosemann and House Speaker Philip Gunn to his house Wednesday, where they worked out their differences.
Reeves said he is convinced that Hosemann and Gunn also want to get money to small businesses quickly, rather than doling out the funding for pet legislative projects.
The state is receiving a total of $1.25 billion from the federal CARES Act, so Wednesday’s agreement represents only a piece of the funding process.
“The one thing we all agree on is that we want to do what’s best for the people of Mississippi,” Reeves said.
“ . . . I’m grateful for Speaker Gunn and Lt. Gov. Hosemann and every member of the Legislature for creating a path forward so we can get money to people. I don’t care who controls the money.”
Gunn said he hopes to move forward quickly with the funding.
“The main concern is to set up relief for small business owners,” Gunn said. “All three of us agreed that would be the main priority. We agreed to bring back the Legislature and move forward, with consultation from the governor, so we can craft a plan for small businesses. “
The Legislature will appropriate the small business funds, while the governor’s office will set up administration for the program, Reeves said. Details on the bill are still being worked out, including how people will apply for funding.
“It’s going to be a process,” Reeves said. “My desire is to get money to people as quickly as we can.”
“ . . . Generally speaking, we know who needs this money. The leadership agreed with us as to who needs this money.”
Reeves said he wants to make sure the money gets to the people who need it and that federal treasury guidelines are followed. Eligibility requirements will apply to the funds.
If federal guidelines are not followed, reimbursement of the federal funds could be required.
Reeves said payments to barber shops and salon owners alone will require issuing 60,000 checks. The state will need mechanisms to ensure eligibility and to get the checks cut, he said.
