Relates to providing for prompt payment by contractors receiving public funds of amounts owed to small businesses and minority-owned business enterprises

Lowered the minimum project cost threshold for covered projects from $5 million to $25,000, significantly expanding the number of projects subject to prompt payment rules.

Added new definitions for 'entity' and 'public entity' to clarify who is responsible for making payments and issuing invoices.

Changed payment timelines from seven calendar days to ten business days for issuing payments after receipt of undisputed invoices.

Removed the requirement for contractors to generate invoices within seven days of service and consolidated invoice service period limits to ten business days.

Added managed service providers and vendor management service providers as entities that may issue invoices on behalf of small businesses or minority-owned enterprises.