The U.S. Department of the Treasury has updated its Frequently Asked Questions document on the State Small Business Credit Initiative (SSBCI) program, stating that all disbursements, technical support, and other program actions performed by Treasury, as required by statute, will continue until March 11, 2028. This updated FAQ clarifies that Treasury will not be moving the expenditure deadline from October 2026 to November 2025.
Additionally, the Treasury offered updated information on funds dispersed through the Capital Program that have not been spent by statutory deadlines, as well as the deadline for final funding requests.
Treasury plans to host a call for all participating jurisdictions on Thursday, November 6, at 3:00 p.m. Eastern Time.
Updated Treasury FAQs:
How long will Treasury operate the SSBCI Capital Program? [10/30/2025]
The SSBCI statute, 12 U.S.C. 5708(c), provides that Treasury’s authorities to implement and administer the SSBCI Capital Program terminate seven years after the enactment of the American Rescue Plan Act of 2021, which was enacted March 11, 2021. Therefore, under current law, all disbursement, technical support, and other program actions performed by Treasury will cease on March 11, 2028. The expiration of Treasury’s authorities under the SSBCI statute does not affect any authorities that may continue to exist under other applicable law, such as laws related to the collection of debts or investigation of waste, fraud, and abuse and any associated remedies available to federal or state auditors or investigatory bodies.
What is the final deadline for participating jurisdictions to submit an SSBCI Capital Program disbursement request? [10/30/2025]
While the appropriation of funds for the SSBCI program does not expire until September 30, 2030, Treasury’s authorities to implement and administer the SSBCI Capital Program terminate by statute on March 11, 2028. Therefore, Treasury will be unable to transfer funds to participating jurisdictions under the SSBCI Capital Program after March 11, 2028. … While Treasury will make reasonable efforts to process all pending disbursement requests prior to the expiration of its authority, disbursement requests submitted after December 31, 2027, are not expected to be processed.
Will Treasury terminate a participating jurisdiction’s second and third tranches of Capital Program funds if they are not disbursed by the statutory deadlines? [10/30/2025]
To avoid a termination of funding under this provision of the statute, a participating jurisdiction should, within three years after the execution of its allocation agreement, (1) expend, obligate, or transfer at least 80 percent of its first tranche disbursement of allocated funds, and (2) submit a disbursement request to Treasury in accordance with FAQ #4 in Section III.b. If either of these criteria is not met, Treasury expects to terminate the participating jurisdiction’s second and third tranche allocated funds that have not been transferred to the jurisdiction.
If you have any questions or need additional information, contact Nicholas Lovesee, Policy Director at nicholas@nafoa.org, or Marisa Joseph, Policy Specialist, at marisa@nafoa.org.
