Discretely tucked into the recently signed $1.9 trillion federal Rescue Act of 2021 (the Rescue Act), are amendments to the existing State Small Business Credit Initiative Act of 2010 (the SSBCI). While news of the Rescue Act’s enactment has been heavily promoted nationwide, the SSBCI amendments have received little public notice.
The SSBCI includes benefits for what are defined as “State Other Credit Support Programs” (SOCSPs). A SOCSP is a state administered program that:
(1) uses public resources to promote private access to credit; and
(2) meets the eligibility criteria in Section 3006(c) of the SSBCI.