SB71 Alabama 2024 Session

Summary

Primary Sponsor

Greg AlbrittonSenator

Republican

Session

Regular Session 2024

Title

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.

Summary

SB71 appropriates $97,943,015 in ARPA State Small Business Credit Initiative funds to the Department of Finance for FY ending September 30, 2024, with authority to delegate administration to the Alabama Innovation Corporation or another designated entity.

What This Bill Does

It provides a new supplemental federal funding amount to the Department of Finance for the 2024 fiscal year. The funds may be delegated to the Alabama Innovation Corporation or another designated entity to manage them. Any unspent funds as of September 30, 2024 must be reappropriated for the same purposes starting October 1, 2024 and in subsequent years, and all administering entities must comply with federal requirements, providing requested information to the Department of Finance in a timely manner.

Who It Affects

• Department of Finance (state agency) — receives and administers the funds and oversees compliance with federal requirements.
• Alabama Innovation Corporation or other designated administering entity — may receive delegated funds and manage the program.
• Subrecipients or delegates of the funds — must provide information to the Department of Finance and comply with federal rules.

Key Provisions

• Section 1: Appropriates $97,943,015 in ARPA SSBCI funds to the Department of Finance for the fiscal year ending September 30, 2024; funds may be delegated to the Alabama Innovation Corporation or another designated entity.
• Section 2: Any unexpended funds as of September 30, 2024 shall be reappropriated for the same purposes for the fiscal year beginning October 1, 2024, and for all subsequent fiscal years.
• Section 3: Administering entities may enter agreements to ensure compliance with federal requirements from Congress, the Treasury, or other federal authorities.
• Section 4: Delegates or subrecipients must provide all requested information to the Department of Finance in a complete and timely manner.
• Section 5: The act becomes effective immediately after passage and approval by the Governor, or upon becoming law.

AI-generated summary using openai/gpt-5-nano on Feb 22, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

Appropriations