37ZZEAdvances on account of grants

37ZZE Advances on account of grants

Advances (1) The Clothing and Household Textile (BIC) scheme may provide for advances on account of innovation grants that may become payable. Repayments (2) If: (a) an entity receives an amount by way of an advance on account of a grant that may become payable to the entity; and (b) that amount exceeds the amount of the grant; the entity is liable to pay to the Commonwealth the amount of the excess. (3) An entity is liable to pay to the Commonwealth the whole amount of an advance mentioned in paragraph (2)(a) if the entity does not receive the innovation grant on account of which the advance was given.