Relating to: reporting requirements for recipients of economic development grants and loans.

AB 397 requires businesses and organizations receiving state economic development grants or loans to submit annual reports detailing how funds were used. It directly affects grant and loan recipients by mandating transparency in fund allocation and project outcomes. The key provision establishes standardized reporting templates and deadlines for these entities to submit to the state. The bill, currently in the Assembly Jobs and Economy Committee, aims to improve accountability without changing grant eligibility or funding levels. (Note: An amendment was offered on October 30, 2025, but specific changes are not detailed in the provided context.)