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AL SB71
Bill
Status
2/7/2024
Primary Sponsor
Greg Albritton
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AI Summary
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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, 2024.
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Authorizes the Department of Finance to delegate these funds through memoranda of agreement to the Alabama Innovation Corporation or other designated entities.
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Reappropriates any unexpended funds for the same purposes in fiscal year 2025 and all subsequent fiscal years.
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Requires delegates and subrecipients to provide all information requested by the Department of Finance in a complete and timely manner to ensure compliance with federal requirements.
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Becomes effective immediately upon passage and approval by the Governor.
Legislative Description
Supplemental appropriation of federal funds from the American Rescue Plan Act - State Small Business Credit Initiative Fund to the Department of Finance for the fiscal year ending September 30, 2024.
Appropriations
Last Action
Pending Senate Finance and Taxation General Fund
2/7/2024