This amendment restructures oversight of the small business emergency bridge loan program by replacing departmental review with a director-led approval process and eliminates subsequent state loan and investment board approval requirements.
- Adds a definition of 'Director' as the director of the office of state lands and investments. (Page 2, after line 15)
- Changes references from 'office' to 'state loan and investment board' to clarify the governing body for the program. (Page 3, line 2)
- Modifies the approval process so that the director may approve applications directly without requiring subsequent approval by the state loan and investment board. (Page 6, lines 14-17)
- Expands eligible uses of loan funds to include inventory replacement, clarifying that this item is included in the list of permitted business expenses. (Page 8, lines 8-9)
- Updates reporting requirements to include notification to both the joint appropriations committee and the state loan and investment board. (Page 10, lines 9-10)
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