This bill amends Section 2 of P.L.2021, c.144, appropriating $54,500,000 in federal funds from the Coronavirus State Fiscal Recovery Fund to the Division of Disaster Recovery and Mitigation within the Department of Community Affairs. The funds are designated for providing technical assistance and grants to licensed child care providers for facility improvements. The New Jersey Economic Development Authority will manage these funds, with a limit of 2.5 percent allocated for administrative costs, and is required to enter into a memorandum of understanding with the division to ensure compliance with federal regulations, particularly those outlined in the American Rescue Plan Act.

Additionally, the bill designates the division as the state's grant manager for the federal funds, responsible for compliance with federal rules and for submitting necessary documentation to the U.S. Department of the Treasury. It allows the division to transfer uncommitted funds for any authorized use under the act, provided that notice is given to the Joint Budget Oversight Committee at least five days prior to the transfer. The act is set to take effect immediately upon approval.