AB 1169 Summary

• Expands the definition of "small business" under the California Americans with Disabilities Act (ADA) Small Business Capital Access Loan Program from businesses with less than $1,000,000 in annual gross income to those with less than $5,000,000 in annual gross income.

• Authorizes the use of ADA program fund moneys to make direct incentive payments to borrowers or participating financial institutions to encourage participation in the program.

• Shortens the loss coverage period for the California Seismic Safety Capital Access Loan Program from 10 years to 5 years, with corresponding changes to the recapture timeline for the authority's contribution.

• Permits small business assistance funds to include contributions and nonreimbursable payments made directly to borrowers or participating financial institutions for programs administered by the California Pollution Control Financing Authority.

• Takes effect immediately as an urgency statute to provide timely assistance to small businesses struggling with Americans with Disabilities Act compliance.