Sec. 1. As used in this chapter, "eligible entity" means a qualified business that meets the following requirements: (1) The qualified business had less than one hundred (100) full time employees as of December 31, 2019. (2) The qualified business was established before October 1, 2019. (3) The qualified business is in good standing with the state department of revenue or has entered into a payment plan approved by the state department of revenue. (4) The qualified business was profitable in calendar year 2019, as determined by the corporation using the earnings before interest, taxes, depreciation, and amortization (EBITDA) metric. (5) The qualified business did not have greater than ten million dollars ($10,000,000) in gross revenue during calendar year 2019. (6) The qualified business demonstrates monthly gross revenue loss of at least thirty percent (30%) when comparing average monthly gross revenue for calendar year 2020 to average monthly gross revenue for calendar year 2019.
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