A. The "small business recovery loan fund" is created in the authority. The fund consists of appropriations, gifts, grants, deposits, transfers and donations to the fund. Money in the fund is appropriated to the authority to administer the provisions of the Small Business Recovery Act of 2020. The authority shall administer the fund. Balances remaining in the fund at the end of fiscal year 2022 shall revert to the severance tax permanent fund. The authority may expend no more than one percent of the balance of the fund for administering the Small Business Recovery Act of 2020.
B. Upon the effective date of this 2020 act, the authority and the state investment council shall coordinate to develop a funding schedule to ensure that sufficient funding, as provided for in Section 10 [7-27-5.15 NMSA 1978] of this 2020 act, is made available to the authority to carry out the provisions of the Small Business Recovery Act of 2020.
History: Laws 2020 (1st S.S.), ch. 6, § 3.
ANNOTATIONSEmergency clauses. — Laws 2020 (1st S.S.), ch. 6, § 13 contained an emergency clause and was approved July 7, 2020.