The "Small Business Construction Impact Relief Act" aims to support small businesses adversely affected by state road construction projects that are delayed by 36 months or more. The bill establishes the "Small Business Construction Impact Relief Program," which will be administered by the South Carolina Department of Commerce. This program will provide both forgivable and repayable loans to eligible small businesses that demonstrate a revenue loss of at least 25% due to the construction project. To qualify, businesses must be located directly on the construction site, have been operational by December 31, 2024, and submit a complete application to the department.

The bill outlines specific definitions and requirements for the program, including the establishment of an online application portal and collaboration with the South Carolina Treasurer's Office and a qualified Community Development Financial Institution (CDFI) for loan disbursement and support. The department will review the status of each loan one year after disbursement to determine if it should be forgiven or repaid, based on the business's compliance with certain conditions. Additionally, the program will be funded by a one-time appropriation from the General Assembly, with any unspent funds reverting to the General Fund after two years. The act will take effect upon the Governor's approval and will be repealed five years later unless extended.