SEC. 2. MODIFYING UNCONDITIONAL OWNERSHIP RE-
QUIREMENT FOR WOMEN-OWNED AND MI-
NORITY-OWNED 
SMALL 
BUSINESS 
CON-
CERNS. 
(a) IN GENERAL.—Section 8 of the Small Business 
Act (15 U.S.C. 637) is amended— 
(1) in subsection (a)(4)— 
(A) in subparagraph (A), in the matter 
preceding clause (i), by striking ‘‘For purposes’’ 
and inserting ‘‘Except as provided in subpara-
graph (C), for purposes’’; 
(B) by redesignating subparagraph (C) as 
subparagraph (D); and 
(C) by inserting after subparagraph (B) 
the following: 
‘‘(C) For purposes of determining eligibility for 
an award under this subsection, the term ‘socially 
and economically disadvantaged small concern’ in-
cludes any small business concern that meets the re-
quirements of subparagraph (B) and— 
‘‘(i) for which less than 51 percent is un-
conditionally owned by 1 or more socially and 
economically disadvantaged individuals or by an 
entity described in subclause (II) or (III) of 
subparagraph (A)(i) because the small business 
concern— 
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‘‘(I) is not more than 50 percent 
owned and controlled by 1 or more equity 
investment or venture capital firms; or 
‘‘(II) is not less than 51 percent 
owned and controlled by 1 or more equity 
investment or venture capital firms owned 
by 1 or more socially disadvantaged indi-
viduals or by an entity described in sub-
clause (II) or (III) of subparagraph (A)(i); 
or 
‘‘(ii) in the case of any publicly owned 
business, for which less than 51 percent of the 
stock is unconditionally owned by 1 or more so-
cially and economically disadvantaged individ-
uals or by an entity described in subclause (II) 
or (III) of subparagraph (A)(ii) because the 
small business concern— 
‘‘(I) is not more than 50 percent 
owned and controlled by 1 or more equity 
investment or venture capital firms; or 
‘‘(II) is not less than 51 percent 
owned and controlled by 1 or more equity 
investment or venture capital firms owned 
by 1 or more socially disadvantaged indi-
viduals or by an entity described in sub-
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clause (II) or (III) of subparagraph 
(A)(ii);’’; and 
(2) in subsection (m)(1), by striking subpara-
graph (B) and inserting the following: 
‘‘(B) SMALL BUSINESS CONCERN OWNED 
AND CONTROLLED BY WOMEN.— 
‘‘(i) IN GENERAL.—The term ‘small 
business concern owned and controlled by 
women’— 
‘‘(I) has the meaning given the 
term in section 3(n); and 
‘‘(II) includes a small business 
concern described in subclause (I) for 
which less than 51 percent is uncondi-
tionally owned by 1 or more women 
because the small business concern— 
‘‘(aa) is not more than 50 
percent owned and controlled by 
1 or more equity investment or 
venture capital firms; or 
‘‘(bb) is not less than 51 
percent owned and controlled by 
1 or more equity investment or 
venture capital firms owned by 
women. 
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‘‘(ii) OWNERSHIP.—For purposes of 
clause (i), ownership shall be determined 
without regard to any community property 
law.’’. 
(b) REGULATIONS.—Not later than 1 year after the 
date of enactment of this Act, the Administrator of the 
Small Business Administration shall promulgate regula-
tions to amend parts 124 and 127 of chapter I of title 
13, Code of Federal Regulations, to carry out the amend-
ments made by subsection (a). 
Æ 
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