$1,000,000,000 is appropriated, with 3 percent for administration
What the document says“there is appropriated to the Secretary for fiscal year 2025, out of any money in the Treasury not otherwise appropriated, $1,000,000,000, to remain available through September 30, 2028, to carry out activities under this section.”
The section adds a new subsection (f) to section 1706 of the Energy Policy Act of 2005 appropriating $1,000,000,000 to the Secretary for fiscal year 2025, available through September 30, 2028, to carry out activities under that section, of which no more than 3 percent may go to administrative expenses.
What the document actually says“there is appropriated to the Secretary for fiscal year 2025, out of any money in the Treasury not otherwise appropriated, $1,000,000,000, to remain available through September 30, 2028, to carry out activities under this section.”
One billion dollars goes to the Secretary. It is for fiscal year 2025. It can be spent through September 30, 2028.
The money runs the loan program. No more than 3 percent may go to running costs. The rest must go to the work itself.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.