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Senate moves small‑business emergency bridge loan program to State Lands, lowers maximum loan and funding; amendment passes
Summary
Lawmakers approved an amendment shifting a proposed small‑business emergency bridge loan program from the Department of Agriculture to the Office of State Lands and Investments, halving maximum loan size and cutting the initial appropriation; the amended bill later passed the Senate.
Senators on Feb. 12 approved an amendment to Senate File 195 that moves a proposed Small Business Emergency Bridge Loan Program from the Department of Agriculture to the Office of State Lands and Investments and reduces the maximum emergency loan and the initial appropriation.
Senator Hicks explained the amendment during third reading: the Office of State Lands already administers several loan programs and has the infrastructure to handle emergency bridge loans. The amendment changed the per‑loan maximum from $1,500,000 to $750,000 and reduced the total appropriation in the bill from $50,000,000 to $25,000,000. The amendment sponsor said the change puts the program under an office with existing lending capacity and makes the proposal more administrable.
Floor debate included assurances from senators who had originally favored placement in Agriculture that the Office of State Lands is experienced processing similar loans. Some senators asked for guarantees that the program would not be buried within other loan portfolios and that the office would prioritize emergency loan processing.
The amendment passed on a roll call: 16 ayes, 14 noes, 1 excused. The Senate later passed the amended bill on final passage (chief clerk recorded final tally as 20 ayes, 9 noes, 1 excused). Supporters said the program would give short‑term liquidity to small businesses after emergencies; opponents questioned the funding level and placement.
