Nevada adds $50 million in relief for small businesses

(The Center Square) — The Nevada Senate unanimously passed a bill on Thursday creating the largest small business aid program in state history.

Assembly Bill 106 allocates an additional $50 million to support small businesses through the Pandemic Emergency Technical Support (PETS) grant program. Gov. Steve Sisolak called for the additional funding in his State of the State address.

The bill, which passed the Assembly on Wednesday, now advances to Gov. Sisolak, who said he will sign the legislation.

The additional $50 million will go toward applicants who applied for funding beginning in October 2020 after the initial grant period had expired. In his prepared remarks, Sisolak said eligible businesses and non-profits can apply for up to $10,000 in direct grant funding that can be used for a wide range of expenses

Funding from the PETS grants can be spent on working capital such as rent, inventory, payroll and the like, personal protective equipment, and protective retrofit due to the pandemic, according to the Governor’s Office of Economic Development’s (GOED) website.

GOED is responsible for administering the program that will be overseen by the Interim Finance Committee. Any unspent funds will be reverted to the state’s general fund on or before September 17, according to the bill’s text.

“I know you’ve heard from many small businesses and non-profits in your district over the course of the pandemic. Like all of you, I’ve had the chance to talk to many myself, including those who have already received their PETS grant,” Sisolak said.

At a recent small business roundtable Sisolak convened, state Treasurer Zach Conine revealed the initial demand for PETS grants were over $150 million in financial need. GOED received over 13,000 applications through the summer 2020.

“This isn’t a Democratic or Republican priority — it’s not an urban priority or rural priority. Helping small businesses is a Nevada priority. I look forward to sending that message loud and clear with bipartisan support to the residents of our great State,” Sisolak said.

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