PURVIS FARMS BANKRUPTCY RELIEF.

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View NCGA Bill Details2023-2024 Session
House Bill 718 (Public) Filed Tuesday, April 18, 2023
AN ACT TO PROVIDE RELIEF TO THOSE FINANCIALLY HARMED BY THE BANKRUPTCY FILING OF N. G. PURVIS FARMS, INC.
Intro. by Reives, Ager, Jeffers, F. Jackson.

Status: Ref to the Com on Appropriations, if favorable, Rules, Calendar, and Operations of the House (House action) (Apr 19 2023)
H 718

Bill Summaries:

  • Summary date: Apr 18 2023 - View Summary

    Appropriates $5,150,000 for 2023-24 from the General Fund to the Department of Agriculture and Consumer Services (Department) for grants to farmers and farming entities with invoices for sales of crops or livestock, or both, to N.G. Purvis Farms, Inc. (Purvis), that remain unpaid because of Purvis filing for bankruptcy. Limits the amount of the grants to the amount of the unpaid invoice minus other remuneration received to discharge the unpaid invoice. Requires the development of an application process and criteria for determining grant amounts within three months of the act's effective date. Requires applicants to submit an application and supporting documentation by January 1, 2024. Allows the Department to retain 3% of the funds for administrative costs. Remaining funds after the awarding of grants revert to the General Fund. Requires the Department to report to the specified NCGA committee and division by April 1, 2024. Effective July 1, 2023.