The bill amends section 81-12,241 of the Reissue Revised Statutes of Nebraska to enhance grant funding provisions under the Economic Recovery Act, particularly in response to the economic impacts of the COVID-19 pandemic. It establishes a Qualified Census Tract Recovery Grant Program aimed at providing financial support to public and private entities in qualified census tracts, with a focus on communities disproportionately affected by the pandemic. The bill specifies that up to $10 million in grants can be allocated to eligible grantees in both metropolitan and primary class cities, with additional funding earmarked for various initiatives, including affordable housing, economic development, and crime prevention.

Key changes include the introduction of new language that restricts grant funds for business park development to areas within an inland port district and prohibits their use in downtown areas of metropolitan cities. The bill also outlines specific requirements for grant recipients, such as attending community advisory meetings and establishing separate bank accounts for grant management. Furthermore, it clarifies that all grants utilizing federal funds must comply with the guidelines of the American Rescue Plan Act, while state-funded grants are subject to the act's intent but not its time constraints or reporting requirements. The original section 81-12,241 is repealed as part of this legislative update.