SB 380 - This act allows the Department of Economic Development (DED) to distribute one-time grants to employers for the purpose of enhancing cybersecurity, as defined in the act. Grants are limited to $15,000 per employer and require a 10% match from the employer. In distributing grants, DED shall reserve fifty percent of the funding for qualifying employers with between one and fifty employees.
DED is required to create an on-line application form as part of its website which is to be the sole means of applying for grants. Employers seeking a grant must fill out the application along with documents outlining how it plans to enhance cybersecurity, including plans for how the grant money will be spent and how it plans to cover the remaining 10% cost for its cybersecurity enhancement. The act limits the factors that DED may consider in assessing an employer's funding plans.
Applications must be accepted by DED beginning March 1, 2024.
Any employer that receives funds pursuant to this act shall submit documentation to DED not later than one year after receiving the funds showing how the funds were spent.
The act limits the amount that may be distributed under this act to $10 million each fiscal year.
In the case of employers with employees and locations in more than one state, grant funds distributed pursuant to this act may only be used for locations in Missouri and employees residing in Missouri.
This act is substantially similar to SCS/SB 674 (2022) and HB 2436 (2022), and to a provision in SCS/HCS/HB 668 (2023).