The implementation of HB 4467 is expected to significantly impact state laws related to small business financial aid. The program will enable small businesses—defined as companies with no more than 100 full-time employees—to receive support tailored to their specific circumstances during road construction projects. By providing financial relief through loans to those suffering a documented revenue loss of at least 25%, the bill aims to encourage job retention and assist businesses in maintaining operations during disruptive construction activities.
Summary
House Bill 4467, entitled the 'Small Business Construction Impact Relief Act', is designed to support small businesses located on or near state road construction projects that suffer economic losses due to delays or extended completion times of these projects. The bill establishes a Small Business Construction Impact Relief Program, which will provide eligible businesses with financial assistance in the form of forgivable and repayable loans administered by the South Carolina Department of Commerce. The legislation defines 'qualified construction projects' as those that have been delayed by thirty-six months or more, excluding highway projects.
Contention
Debates surrounding HB 4467 have highlighted concerns about its long-term funding and effectiveness. While supporters emphasize the necessity of preserving small businesses during extensive state projects, critics question whether the program's financial support will be sufficient for all eligible businesses and if the repayment terms are manageable. Additionally, the bill is set to expire five years after enactment unless reenacted, raising concerns about ongoing assistance for businesses that might still be recovering at that time. Critics also emphasize the need for clear criteria to define eligibility and maintain equitable access for all small businesses affected.