Ready for Business Grant Program is sponsored by Arkansas Economic Development Commission (AEDC). Offers grants to businesses in Arkansas, with a requirement that 15% of approved applicants be minority, women, or disabled veteran-owned businesses.

> Secretary of Commerce , Arkansas Ready for Business Grant Program Terms & Conditio ns A. Any applicant (“ Applicant ”) requesting grant funds (“Grant Funds”) from the Arkansas Economic Development Comm ission (“ AEDC ”) agrees to use such funds only as set forth in these terms and conditions.

Applicant acknowledges and agrees that any grant made by AEDC is discretionary and that Applicant may not be awarded any Grant Funds or a lesser amount of Grant Funds than B. Applicant acknowledges that it is responsible for correctly completing its application for Grant Funds and that AEDC will not consider in complete applications. C.

The provisions of the Arkansas Ready for Business Grant Program Summary are incorporated i nto these terms and conditions by reference. The grant funding formula included in the summary is an estimate. Actual grant amounts to be funded will depend on the final number of approved applicants.

D. Fifteen percent (15%) of approved eligible applicants must be minority, women, or disabled veteran owned businesses as defined in Ark. Code § 15 -4-303.

Seventy -five percent (75%) of grant funds must be allocated to businesses with no more than fifty (50) employees. E. Only one grant will be approved per applicant .

If multiple applicants are affiliate d under common shareholder or management control , only one grant will be approved per controlled group of 2. Purpose . The purpose of the Grant Funds is to provide economic support pursuant to section 5001 of the Coronavirus Aid, Relief, and Economic Security A ct (“CARES Act”) to businesses impacted by COVID -19 .

The Grant Funds may only be utilized for Qualifying Costs ( as defined below ). In consideration for receiving Grant Funds, Applicant agrees to use commercially reasonable best efforts to continue to employ the number of full -time and part -time employees set forth in its application for Grant Funds for the twelve -month period following receipt of Grant Funds . A.

Political Activity . No portion of the Grant Funds will be used for any partisan political activity or to further the election or defeat of any candidate for public office or influence the approval or defeat B. Prohibition Against Payment of Bonus .

No portion of the Grant Funds will be used by Applicant to pay any bonus or commission in return for obtaining the Grant Funds. C. Qualifying Costs .

Grant Funds will be used only towards the following Qualifying Costs: i. Personal Protective Equipment (PPE) and no contact thermo meters for Applicant ’s employees ii. Expenses related to reconfiguring Applicant ’s business premises to meet recommended health iii.

No -contact Point of Sale (POS) paymen t equipment; iv. Supplies and disinfectants to initially deep clean premises and for use on an ongoing basis; also include d are expenses associated with hiring a third party to perform periodic deep v. Hand sanitizer and other personal sanitary supplies for employees and customers; vii.

Marketing and advertising related to reopening the business or resuming normal operations ; viii. Supplies necessary for restocking; ix. Other one -time expenses necessary to reopen a business or to resume normal operations.

x. Payroll and benefits costs are not eligible expenses. xi.

Applicant must expend Grant Funds b etween March 1, 2020 an d December 3 0, 2020. xii. Businesses with no employees must have a) customers physically coming to their business premises , or b) must conduct their business on customer premises .

xiii. Applicant may not use the Grant Funds for any expense for which Applicant has previously received reimbursement or payment from another program administered or funded by the 4. Disbursement of Grant Funds .

A. Application for Grant Funds . The Grant Funds shall be disbursed to Applicant upon it demonstrating to AEDC’s reasonable satisfaction that it is a bona fide business eligible for the program.

AEDC ’s approval of the completed electronic application is conditioned upon its receipt of each of the following: i. Applicant ’s electronic acknowledgment agreeing to be bound by these terms and conditions ; ii.

A Certificate of Good Standing of Applicant from the Arkansas Secretary of State (or, in the case of a sole proprietor, a copy of Applicant ’s business license , state sales tax pe rmit or such other evidence reasonably satisfactory to AEDC demonstrating that Applicant is a legitimate business enterprise or nonprofit ); iii. A completed IRS Form W -9; iv. A copy of the majority shareholder’s current driver’s license; and v.

Applicant ’s voided check with bank routing number and bank account number . B. Disbursement of Grant Funds .

Within ten (10 ) business days following AEDC ’s approval of Applicant ’s application for Grant Funds , AEDC shall disburse Grant Funds via direct deposit to the bank account provided by Applicant in its application .

AEDC will disburse Grant Funds only to the extent funds have been released to AEDC , as required by the General Accounting and Budgetary Procedures Law, the Revenue Stabilization Law and any other applicable fiscal control laws and regulations promulgated by the Arkansas Department of Finance and Administration. 5. Close -out .

By no later than January 31, 202 1, Applicant shall provide AEDC with a certification that it has fully expended the Grant Funds and provide an accounting for the expenditures for each category of Qualifying Costs listed in Section 3 (C). Applicant must also submit with its certification to AEDC receipts evidencing the expenditures . It is the responsibility of Applicant to maintain copies of receipts for all Qualifying Costs.

Prior to January 1, 2021, AEDC will provide Applicant with an e lectronic portal for submitting its certification and receipts. Applicant agrees to promptly return to AEDC any unexpended or improperly expended Grant Funds. All expenditures will be subject to audit by the State of Arkansas.

6. Representations and Warranties of the Applicant . Applicant represents and warrants that: i.

It is authorized to do business in the State of Arkansas ; ii. Each and every undertaking by Applicant in accordance with the terms and conditions hereunder are within the Applicant ’s powers, have been duly authorized by all necessary corporate action, have received all necessary approvals, and do not contravene any law, regulation or decree or any contrac tual restriction ; iii.

To the best of the Applicant ’s knowledge, it owes no tax to any governmental body within the State of Arkansas , excepting any tax attributable to a period in which a tax is not presently due ; and iv. All information provide by Applicant to AE DC is true and complete in all material respects. WARNING : MAKING AN Y INTENTIONAL MISREPRESENTATION ON YOUR APPLICATION UNDER STATE AND FEDERAL LAWS !

7. Other Terms and Conditions A. Governing Law .

Th ese terms and conditions shall be governed under the laws of the State of Arkansas. AEDC, as an agency of the State of Arkansas is protected from suit by sovereign immunity. Nothing in th ese terms and conditions is intended to nor shall waive the sovereign immunity of AEDC.

B. Severability . If any provision of these terms and conditions or its application to any person or circumstance is held invalid by a court of competent jurisdiction, the invalid part shall not affect the enforceability of any other provision.

C. Waivers . No conditions or provisions of th ese terms and conditions may be waived unless approved D.

Freedom of Information Act. Applicant acknowledges that AEDC is a public entity of the State of Arkansas and is subject to the requirements of the Arkansas Freedom of Information Act, A. C.

A. § 25 - 19 -101 et. seq.

(“FOIA”). AEDC must disclose to an FOIA requestor information concerning Applican t when, in the opinion of AEDC’s legal counsel, AEDC is legally required to disclose the requested information. Information concerning Applicant that may be disclosed under FOIA includes the identity of Applicant and the amount of Grant Funds it may have received.