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[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 5634 Introduced in Senate (IS)]

<DOC>

118th CONGRESS
  2d Session
                                S. 5634

 To establish a grant program under the Small Business Administration, 
                        and for other purposes.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

            December 19 (legislative day, December 16), 2024

  Mr. Markey introduced the following bill; which was read twice and 
    referred to the Committee on Small Business and Entrepreneurship

_______________________________________________________________________

                                 A BILL

 
 To establish a grant program under the Small Business Administration, 
                        and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Small Business Opportunity Grants 
Act of 2024''.

SEC. 2. DEFINITIONS.

    (a) Administrator.--The term ``Administrator'' means the 
Administrator of the Small Business Administration.
    (b) Community Development Financial Institution.--The term 
``community development financial institution'' has the meaning given 
the term in section 103 of the Riegle Community Development and 
Regulatory Improvement Act of 1994 (12 U.S.C. 4702).
    (c) Covered Lender.--The term ``covered lender'' means a lender 
authorized under section 3(a)(2)(B).
    (d) Covered Grant.--The term ``covered grant'' means a grant issued 
by a covered lender.
    (e) Eligible Recipient.--The term ``eligible recipient'' means an 
eligible small business concern.
    (f) Minority Depository Institution.--The term ``minority 
depository institution'' has the meaning given the term in section 308 
of the Financial Institutions Reform, Recovery, and Enforcement Act of 
1989 (12 U.S.C. 1463 note).
    (g) Rural Area.--The term ``rural area'' means any county or other 
political subdivision of a State, the District of Columbia, or a 
territory or possession of the United States that is designated as a 
rural area by the Bureau of the Census.

SEC. 3. GRANT PROGRAM.

    (a) Grant Program.--
            (1) In general.--The Administrator shall establish a grant 
        program in accordance with this subsection for the purpose of 
        awarding grants to individuals or entities who meet the 
        criteria established under paragraph (2).
            (2) Eligibility criteria.--
                    (A) Grant recipients.--The Administrator shall, in 
                accordance with the limits described in paragraph (4), 
                award a grant to an eligible recipient if--
                            (i) the eligible recipient is located in--
                                    (I) a low- to moderate-income 
                                community;
                                    (II) a HUBZone, as that term is 
                                defined in section 31(b) of the Small 
                                Business Act (15 U.S.C. 657a(b));
                                    (III) a rural area; or
                                    (IV) any area for which a disaster 
                                declaration or determination described 
                                in subparagraph (A), (B), (C), or (E) 
                                of section 7(b)(2) of the Small 
                                Business Act (15 U.S.C. 636(b)(2)) has 
                                been made that has not terminated more 
                                than 2 years before the date (or later, 
                                as determined by the Administrator) on 
                                which a grant is made to the small 
                                business concern under the program, 
                                except that, in the case of a major 
                                disaster described in subsection 
                                (b)(2)(A) of such section, that period 
                                shall be 5 years;
                            (ii) more than 50 percent of the employees 
                        of the eligible recipient reside in a low- or 
                        moderate-income community;
                            (iii) the eligible recipient is a new 
                        business;
                            (iv) the eligible recipient is owned and 
                        controlled by socially and economically 
                        disadvantaged individuals, as described in 
                        paragraphs (5) and (6)(A), respectively, of 
                        section 8(a) of the Small Business Act (15 
                        U.S.C. 637(a)) which the Administrator, in 
                        carrying out the program, shall presume 
                        includes Black Americans, Hispanic Americans, 
                        Native Americans, Asian Pacific Americans, and 
                        other minorities;
                            (v) the eligible recipient is owned and 
                        controlled by women;
                            (vi) the eligible recipient is owned and 
                        controlled by veterans or spouses of veterans;
                            (vii) the eligible recipient is owned and 
                        controlled by a member of an Indian Tribe 
                        individually identified (including 
                        parenthetically) in the most recent list 
                        published pursuant to section 104 of the 
                        Federally Recognized Indian Tribe List Act of 
                        1994 (25 U.S.C. 5131);
                            (viii) the eligible recipient is owned and 
                        controlled by an individual who has completed a 
                        term of imprisonment in a Federal, State, or 
                        local jail or prison; or
                            (ix) the eligible recipient is owned and 
                        controlled by an individual with a disability, 
                        as that term is defined in section 3 of the 
                        Americans with Disabilities Act of 1990 (42 
                        U.S.C. 12102).
                    (B) Lenders.--The Administrator shall, in 
                accordance with the limits described in paragraph (4), 
                award a grant to a lender if the lender is--
                            (i) a community development financial 
                        institution;
                            (ii) a minority depository institution;
                            (iii) a lender under the Microloan Program 
                        established under subsection (m) of the Small 
                        Business Act (15 U.S.C. 636(m));
                            (iv) a development company that is 
                        certified under title V of the Small Business 
                        Investment Act of 1958 (15 U.S.C. 695 et seq.); 
                        or
                            (v) a Community Advantage Small Business 
                        Lending Company, as described in section 120.10 
                        of title 13, Code of Federal Regulations.
            (3) Limits.--
                    (A) Number of grants.--The number of grants awarded 
                under this subsection shall not exceed 1,000,000 
                grants.
                    (B) Amount of forgiveness.--The amount of a grant 
                awarded to an eligible recipient under this subsection 
                shall not exceed $20,000.
                    (C) No limit on other loans or grants.--
                Notwithstanding any other provision of law, small 
                business concerns receiving a covered grant under this 
                Act shall not be prohibited from receiving another loan 
                or grant.
    (b) Technical Assistance Grant Program.--The Administrator shall 
establish a grant program to provide management and technical 
assistance to covered lenders making grants under this Act.
    (c) Regulations.--The Administrator shall promulgate regulations 
related to the grant programs under this section not later than 180 
days after the date of enactment of this Act.
    (d) Authorization of Appropriations.--There are authorized to be 
appropriated such sums as may be necessary to carry out this section 
for fiscal year 2025.

SEC. 4. REPORTING REQUIREMENTS FOR GRANTS.

    (a) Data Collection.--With respect to each covered grant under this 
Act, the Administrator shall collect data on the eligible recipient of 
the covered grant, which shall include the gender, race, ethnicity, 
sex, age, Tribal affiliation, socioeconomic status, and disability 
status of each eligible recipient.
    (b) Publication.--
            (1) In general.--The Administrator shall make publicly 
        available on the website of the Small Business Administration, 
        in a disaggregated format, the data collected under subsection 
        (a), which shall be updated not later than 7 days after the 
        date on which a covered grant is approved.
            (2) Privacy considerations.--In publishing the data under 
        paragraph (1), the Administrator shall take all necessary steps 
        to protect the privacy of any individual whose personally 
        identifiable information is included in that data.
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