State Small Business Credit Initiative - Frequently Asked Questions (Faqs) - U.s. Department Of The Treasury Page 3
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37U.S. Department of the Treasury
State Small Business Credit Initiative
7. How will Treasury exercise its discretionary authority to terminate the availability of funds that
have not been disbursed to a Participating State within two years of the date of the Participating
State’s Allocation Agreement? Posted July 15, 2013
Section 3003(c)(4) of the Small Business Jobs Act of 2010 provides the Secretary of the Treasury with
discretionary authority to terminate the availability of SSBCI funds not transferred to a Participating
State by the two-year anniversary of the date of the Allocation Agreement. Section 7.1 of the Allocation
Agreement also sets out this requirement.
Treasury will deem any Participating State that submits its second disbursement request by
June 30, 2015 and qualifies to receive that disbursement to have made sufficient progress in
implementing its Approved State Programs. For such a Participating State, Treasury will not terminate
the availability of any Allocated Funds that remain un-transferred as of that date, and the Participating
State will retain access to the full amount of its Allocated Funds for the duration of the Allocation Time
Period, which is March 31, 2017. For any Participating State that Treasury determines has not qualified
for its second disbursement of Allocated Funds through a submission made by June 30, 2015, Treasury
expects to conduct an analysis of the Participating State’s progress in implementing its SSBCI programs
at that time to determine whether Treasury should exercise its authority to terminate the availability of
un-transferred funds.
This policy does not affect Treasury’s authority to determine that a general event of default has
occurred under Section 6.1 of the Allocation Agreement and to exercise the remedies set forth in
Section 6.2 of the Allocation Agreement.
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Application Related Questions
1. Who is eligible to apply for funds?
Eligible applicants include all states of the United States, the District of Columbia, the Commonwealth of
Puerto Rico, the Commonwealth of Northern Mariana Islands, Guam, American Samoa, and the United
States Virgin Islands; and under the circumstances described in the Act, a municipality of a State of the
United States to which the Act has given a special permission under Section 3004(d) of the Act to apply.
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2. Under what conditions may a municipality apply for funding?
A municipality may apply for funding if the state in which the municipality is located failed to file a
Notice of Intent by November 26, 2010, or if the state fails to submit an application for funding by June
27, 2011. Note that as of May 2010, only the states of Wyoming and North Dakota have not filed a
Notice of Intent.
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State Small Business Credit Initiative Application
Page 3 of 37
FAQs
April 21, 2016
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