SB191 Summary

• Appropriates $97,943,015 in federal funds from the American Rescue Plan Act - State Small Business Credit Initiative Fund to the Department of Finance for fiscal year ending September 30, 2022.

• Reduces the appropriation amount if the state receives less than $97,943,015 in federal funding for the State Small Business Credit Initiative.

• Allows the Department of Finance to delegate funds through memoranda of agreement to the Alabama Innovation Corporation or other designated entities.

• Permits unexpended funds remaining on September 30, 2022, to be reappropriated for the same purposes beginning October 1, 2023, and for all subsequent fiscal years.

• Requires delegates and subrecipients of appropriated funds to provide all requested information to the Department of Finance in a complete and timely manner to ensure compliance with American Rescue Plan Act requirements.