AN ACT TO PROVIDE FUNDS FOR SMALL BUSINESS LOAN ASSISTANCE.
House committee substitute makes the following changes to the 1st edition.
Changes the act's long title. Makes organizational and technical changes throughout.
Combines the small business emergency loan program general provisions and appropriations provisions. Additionally, amends the appropriations provisions to now appropriate $75 million in nonrecurring funds from the Coronavirus Relief Fund to the Office of State Budget and Management (OSBM) to provide funds to Golden LEAF (previously, directed OSBM to make $75 million available for Golden LEAF and appropriated the $75 million from the General Fund to OSBM for the 2019-20 fiscal year). Defines Coronavirus Relief Fund (Fund) to mean funds received by the State of North Carolina during the 2019-20 fiscal year from the Coronavirus Relief Fund created by the federal Coronavirus Aid, Relief, and Economic Security Act of 2020. Clarifies that the funds to Golden LEAF are to provide grants to entities for the purpose of making emergency loans (was, to entities capable of making emergency loans) to assist small businesses with business needs during the period of economic hardship occasioned by the COVID-19 epidemic. Makes conforming changes to require OSBM to deposit biannually remitted funds to the Fund, rather than the General Fund. Specifies that deposits into the Fund are receipts that do not constitute an appropriation made by law under Section 7 of Article V of the Constitution.
Amends the definition of net loan funds to mean the total authorized appropriation less administration costs, as previously specified, and the State's loan funds that are not recaptured (previously, referred to the State's proportionate share of loan funds that are not recaptured).
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