Bill > S1356

This bill aims to promote business continuity and recovery after a disaster. The key provisions include: 1. Defining "Business Continuity Plan (BCP)" and "Disaster" or "emergency" for the purposes of the act. 2. Allowing domestic or foreign business corporations to deduct up to 50% of the expenditures paid for the purchase of business continuity or business interruption insurance, with certain conditions. 3. Authorizing municipalities to establish emergency permit granting procedures for the permanent or temporary relocation or rebuilding of property, including commercial entities, in situations caused by unforeseen circumstances. 4. Establishing the Small Business Insurance Commission to study the need for insurance guidelines for small businesses, including a requirement for businesses to have and maintain a continuity of business plan. 5. Allowing municipalities to establish agreements with eligible persons regarding the abatement of outstanding interest, penalties, and payment of real estate tax obligations on sites or portions of sites affected by a natural disaster. 6. Creating the Massachusetts Disaster Relief and Recovery Fund to provide grants to political subdivisions and loan guarantees to banks for low-interest loans to small businesses for relief and recovery efforts following a disaster. 7. Directing the Secretary of Labor and Workforce Development to develop an unemployment compensation program for self-employed individuals and small business owners temporarily displaced due to a disaster.

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https://malegislature.gov/Bills/190/S1356