§ 15-3-404. Authorization of grants

(a) If an applicant meets the requirements of § 15-3-403, the applicant shall be placed in one (1) of the following four (4) levels and be eligible for a grant for up to five (5) years:

1. (1)

   1. (A) An eligible business with a payroll in excess of ten million dollars ($10,000,000) is eligible to receive a grant of up to thirty-five thousand dollars ($35,000) over the five-year period.

   2. (B) If approved, the business will receive:

      1. (i) Ten thousand dollars ($10,000) in year one (1);

      2. (ii) Ten thousand dollars ($10,000) in year two (2);

      3. (iii) Seven thousand five hundred dollars ($7,500) in year three (3);

      4. (iv) Five thousand dollars ($5,000) in year four (4); and

      5. (v) Two thousand five hundred dollars ($2,500) in year five (5);

2. (2)

   1. (A) An eligible business with a payroll in excess of five million dollars ($5,000,000) but no more than ten million dollars ($10,000,000) may be eligible to receive a grant of up to fifty-two thousand five hundred dollars ($52,500) over the five-year period.

   2. (B) If approved, the business will receive:

      1. (i) Fifteen thousand dollars ($15,000) in year one (1);

      2. (ii) Fifteen thousand dollars ($15,000) in year two (2);

      3. (iii) Eleven thousand two hundred fifty dollars ($11,250) in year three (3);

      4. (iv) Seven thousand five hundred dollars ($7,500) in year four (4); and

      5. (v) Three thousand seven hundred fifty dollars ($3,750) in year five (5);

3. (3)

   1. (A) An eligible business with a payroll in excess of at least one million dollars ($1,000,000) but no more than five million dollars ($5,000,000) may be eligible to receive a grant of up to seventy thousand dollars ($70,000) over the five-year period.

   2. (B) If approved, the business will receive:

      1. (i) Twenty thousand dollars ($20,000) in year one (1);

      2. (ii) Twenty thousand dollars ($20,000) in year two (2);

      3. (iii) Fifteen thousand dollars ($15,000) in year three (3);

      4. (iv) Ten thousand dollars ($10,000) in year four (4); and

      5. (v) Five thousand dollars ($5,000) in year five (5); and

4. (4)

   1. (A) An eligible business with a payroll of less than one million dollars ($1,000,000) may be eligible to receive a grant of up to eighty-seven thousand five hundred dollars ($87,500) over the five-year period.

   2. (B) If approved, the business will receive:

      1. (i) Twenty-five thousand dollars ($25,000) in year one (1);

      2. (ii) Twenty-five thousand dollars ($25,000) in year two (2);

      3. (iii) Eighteen thousand seven hundred fifty dollars ($18,750) in year three (3);

      4. (iv) Twelve thousand five hundred dollars ($12,500) in year four (4); and

      5. (v) Six thousand two hundred fifty dollars ($6,250) in year five (5).

(b) The grants authorized by this section shall be administered and paid according to rules established by the Arkansas Economic Development Commission.

(c) The commission shall not provide further grant funds to the approved business if at any time during the five-year grant period the postdoctoral graduate is no longer employed in Arkansas by the approved business.