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Senate Bill 678 |
Senate Author: Alvarado et al. |
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Effective: 9-1-21 |
House Sponsor: Button et al. |
Senate Bill 678 amends the Government Code to establish the small business disaster recovery loan program to provide financial assistance to small businesses in response to a disaster declaration and to create the small business disaster recovery revolving fund for the purpose of providing loans to eligible small businesses. As specified by the bill, the Texas Economic Development and Tourism Office (TEDTO) uses money from the fund to administer the loan program, the fund is managed and invested by the Texas Treasury Safekeeping Trust Company, and the loans may be used only for certain payroll costs.
Senate Bill 678 requires TEDTO, not later than December 1 of each even-numbered year, to prepare and submit to the governor, lieutenant governor, and each member of the legislature a report relating to the fund and the loan program. Implementation of a provision of this bill by TEDTO and the trust company is mandatory only if a specific appropriation is made for that purpose.