DIGEST
The digest printed below was prepared by House Legislative Services. It constitutes no part of the
legislative instrument. The keyword, one-liner, abstract, and digest do not constitute part of the law
or proof or indicia of legislative intent. [R.S. 1:13(B) and 24:177(E)]
HB 862 Original 2020 Regular Session Garofalo
Abstract: Creates the COVID-19 Business Recovery and Growth Program.
Present law authorizes the Louisiana Economic Development Corporation ("the corporation") to
serve as the single review board for all financial assistance, loans, incentives or inducements,
customized workforce training, investment programs, and any related appropriations, grants, or joint
ventures administered by the Department of Economic Development, excluding financial incentive
programs administered by the State Board of Commerce and Industry.
Present law provides that the corporation shall formulate and implement policies for the delivery of
services to obtain certain effects.
Proposed law retains present law and adds the provision of funds for qualified applicants who are
affected by the 2019 coronavirus pandemic to receive emergency assistance as another effect that
the corporation is required to obtain.
Present law authorizes the corporation to carry out and effectuate the purposes and provisions of
present law.
Proposed law retains present law and further authorizes the corporation to develop, implement, and
oversee the COVID-19 Business Recovery and Growth Program that utilizes federal funding related
to the Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act.
Proposed law creates the COVID-19 Business Recovery and Growth Program and places the
program within the corporation.
Proposed law authorizes the corporation to promulgate rules and regulations in order to effectuate
provisions of proposed law. Further, proposed law requires the corporation to develop a formal
award program that includes an application, review, evaluation, and award process.
Proposed law requires any entity or political subdivision of the state seeking financial assistance
pursuant to proposed law to make an application for assistance to the corporation.
(Adds R.S. 51:2312(A)(11) and (D)(15) and 2342)