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 assistance to public and private entities in qualified census tracts, with a focus on communities disproportionately affected by the pandemic. The bill allocates specific funding limits for various initiatives, including up to $90 million for the development of a business park within or adjacent to qualified census tracts in metropolitan class cities, and additional funds for affordable housing, internships, and crime prevention programs.

Key changes include the insertion of language specifying that grant funds for business park development cannot be used in downtown areas of metropolitan class cities and the requirement for grant recipients to establish a distinct bank account for managing grant funds. The bill also outlines the necessary conditions for the release of grant funds, such as public input meetings and obtaining support from the inland port authority. The original section 81-12,241 is repealed, consolidating the updated provisions into the amended statute.