The bill proposes supplemental appropriations of $97,943,015 from the American Rescue Plan Act - State Small Business Credit Initiative Fund for the fiscal year ending September 30, 2024. These funds are allocated to the Department of Finance and may be delegated to the Alabama Innovation Corporation or another designated entity through memoranda of agreement. Additionally, any unexpended funds remaining on September 30, 2024, will be reappropriated for the same purposes in subsequent fiscal years.

To ensure compliance with federal requirements, the Department of Finance and any administering entities are authorized to enter into necessary agreements. Furthermore, any delegate or subrecipient of the appropriated funds must provide requested information to the Department of Finance in a complete and timely manner. The act is set to take effect immediately upon passage and approval by the Governor. The bill was passed by the House on March 5, 2024, and by the Senate on April 9, 2024.