Allocations

Allocations

Each state that is approved for participation in the SSBCI will receive its allocation of funds in three disbursements as follows: 33 percent, 33 percent and 34 percent. As a precondition to receipt of the second and third disbursements, the state must, among other things, certify to Treasury that it has expended, transferred or obligated 80 percent or more of the last-disbursed one-third disbursement of allocated funds to or for the account of one or more approved state programs. The certification must be signed by an official of the state with oversight responsibility for the approved state program(s).

The requirement that the federal funds be disbursed in three increments, and the related certification requirement, will not apply with respect to federal funds used for a qualifying loan or swap funding facility.