FL S1442

Changes certification period from annual to 5 years, with recertification required once every 5 years for eligible recipients of the Black Business Loan Program.

Allows existing recipients to submit financial statement compilations instead of full audits during years 1-4 of the recertification period, with full audits required only in year 5.

Permits recipients to redress audit findings within 60 days after receipt of the audit report to avoid material weakness or noncompliance issues.

Revises funding agreements to have a maximum 1-year term, limiting reporting obligations and recipient obligations for appropriated funds beyond that period.

Increases the combined limit for administrative costs and technical support to black business enterprises from 21 percent to 27 percent of funds received.