HOUSE BILL NO. 5872

June 18, 2020, Introduced by Reps. Pagan, Hammoud, Camilleri, Cynthia Johnson, Peterson, Cherry, Sneller, Hood, Brenda Carter, Guerra, Sowerby, Yancey, Gay-Dagnogo, Hope, Kennedy, Pohutsky, Tyrone Carter, Ellison, Bolden and Stone and referred to the Committee on Commerce and Tourism.

A bill to amend 1984 PA 270, entitled

"Michigan strategic fund act,"

(MCL 125.2001 to 125.2094) by adding section 15.

the people of the state of michigan enact:

Sec. 15. (1) Beginning October 1, 2020, except as otherwise provided in subsection (2), the fund shall establish requirements to ensure that a business that receives federal funds specifically due to the COVID-19 pandemic in 2020 that pays compensation, including any bonus or other form of compensation as determined by the fund, to its highest paid officer, director, or employee in an amount that exceeds the product of 100 multiplied by the lowest compensation paid to any of its employees is not a recipient of funds, including a loan, a grant, or funding or other assistance for a program or activity described in chapter 8 or for a project under this act.

(2) Subsection (1) does not apply to a business that meets 1 or more of the following as determined by the fund:

(a) Has fewer than 50 employees.

(b) Is a recipient of funds, including a loan, a grant, or funding or other assistance for a program or activity described in chapter 8 or for a project under this act, in an amount of $1,000,000.00 or less.