(a) (1) There is a Purple Line Construction Zone Grant Program.
(2) The purpose of the Grant Program is to provide funds to qualified small businesses to assist in offsetting business revenue lost as a result of the construction of the Purple Line light rail project in Montgomery County and Prince George’s County.
(3) In each of fiscal years 2023 and 2024, the Department of Commerce shall provide $1,000,000 in general funds to the Grant Program to assist qualified small businesses.
(b) The Department of Commerce shall implement and administer the Grant Program.
(c) (1) Subject to paragraph (2) of this subsection, the Department of Commerce, in consultation with the Department of Transportation, shall adopt regulations to implement this section, including regulations to establish:
(i) eligibility and grant application requirements; and
(ii) a process for reviewing grant applications and awarding grants to eligible qualified small businesses.
(2) In developing the regulations required under paragraph (1) of this subsection, the Department of Commerce and the Maryland Transit Administration shall consult qualified small businesses to ensure that the eligibility and application requirements for the Grant Program are not overly burdensome to qualified small businesses.
(3) The Department of Commerce shall make the application developed for purposes of the Grant Program available to qualified small businesses as soon as practicable.
(d) (1) (i) Subject to the limitations of this paragraph, the Department of Commerce shall establish, by regulation, guidelines to calculate the amount of a grant awarded under this section.
(ii) In establishing guidelines under subparagraph (i) of this paragraph, the Department of Commerce may use a 12–month projection of the difference between the business revenue of a qualified small business during the 3–month period immediately preceding the start of the Purple Line construction compared to the 3–month period immediately following the start of the Purple Line construction.
(iii) A grant awarded under the Grant Program may not exceed $50,000.
(2) Subject to the eligibility requirements established under subsection (d) of this section, if a qualified small business is required to be registered with the State and is registered, the qualified small business may apply for a grant under the Grant Program regardless of ownership or location.
(3) (i) Subject to subparagraph (ii) of this paragraph, the Department of Commerce may award grants until all the money allotted for the Grant Program has been awarded or until December 31, 2024, whichever occurs first.
(ii) The Department of Commerce may not award more than one grant to the same qualified small business in a 12–month period.
(4) Any money that has not been awarded on or before December 31, 2024, shall revert to the Maryland Economic Development Assistance Fund.