To amend the Small Business Act to temporarily designate as a HUBZone counties that are most affected by a recession.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Rebuilding Local Business Act of 
2010''.

SEC. 2. REBUILDING COUNTIES.

    (a) In General.--Section 3(p) of the Small Business Act (15 U.S.C. 
632(p)) is amended--
            (1) in paragraph (1)--
                    (A) in subparagraph (D), by striking ``or'' at the 
                end;
                    (B) in subparagraph (E), by striking the period at 
                the end and inserting ``; or''; and
                    (C) by adding at the end the following:
                    ``(F) rebuilding counties.''; and
            (2) in paragraph (4), by adding at the end the following:
                    ``(E) Rebuilding counties.--
                            ``(i) In general.--The term `rebuilding 
                        county' means an initial period rebuilding 
                        county or an extension period rebuilding 
                        county.
                            ``(ii) Initial period rebuilding county.--
                        The term `initial period rebuilding county' 
                        means a county, parish, or similar political 
                        subdivision--
                                    ``(I) for which the Administrator 
                                determines that the 1-year unemployment 
                                rate average is not less than 110 
                                percent of the 1-year average 
                                unadjusted unemployment rate for the 
                                United States, based on the most recent 
                                data available from the Secretary of 
                                Labor;
                                    ``(II) that--
                                            ``(aa) as of the date of 
                                        the determination under 
                                        subclause (I), is not a 
                                        HUBZone; or
                                            ``(bb) will cease to 
                                        qualify as a HUBZone not later 
                                        than 2 years after the date of 
                                        the determination under 
                                        subclause (I); and
                                    ``(III) during the 3-year period 
                                beginning on the date on which the 
                                Administrator makes the determination 
                                under subclause (I).
                            ``(iii) Extension period rebuilding 
                        county.--The term `extension period rebuilding 
                        county' means a county, parish, or similar 
                        political subdivision--
                                    ``(I) for which the Administrator 
                                has made a determination under clause 
                                (ii)(I);
                                    ``(II) for which the 3-year period 
                                described in clause (ii)(III) has 
                                ended;
                                    ``(III) for which the Administrator 
                                determines that the average 
                                unemployment rate for the 1-year period 
                                ending on the date on which the 3-year 
                                period described in clause (ii)(III) 
                                ends is not less than 140 percent of 
                                the 1-year average unadjusted 
                                unemployment rate for the United 
                                States, based on the most recent data 
                                available from the Secretary of Labor; 
                                and
                                    ``(IV) during the period beginning 
                                on the date on which the Administrator 
                                makes the determination under subclause 
                                (III) and ending on the earlier of--
                                            ``(aa) the date that is 3 
                                        years after the date of the 
                                        determination under subclause 
                                        (III); and
                                            ``(bb) the date on which 
                                        the Bureau of the Census 
                                        publicly releases the initial 
                                        results of the first decennial 
                                        census occurring after the date 
                                        of the determination under 
                                        subclause (III).
                            ``(iv) 1-year unemployment rate average.--
                        The term `1-year unemployment rate average' 
                        means the average unemployment rate, based on 
                        the most recent data available from the 
                        Secretary of Labor, during any 1-year period 
                        during the period--
                                    ``(I) beginning on the date on 
                                which a recession begins, as determined 
                                by the National Bureau of Economic 
                                Research; and
                                    ``(II) ending on the date that is 
                                180 days after the date on which the 
                                National Bureau of Economic Research 
                                publicly releases the determination 
                                under subclause (I).''.
    (b) Recession of 2007.--For purposes of applying section 3(p)(4) of 
the Small Business Act, as added by subsection (a), in relation to the 
recession announced by the National Bureau of Economic Research on 
December 1, 2008, the term ``1-year unemployment rate average'' means 
the average unemployment rate during the 1-year period ending on the 
date of enactment of this Act, based on the most recent data available 
from the Secretary of Labor.

Summary: Rebuilding Local Business Act of 2010 - Amends the Small Business Act to designate as a HUBZone (historically underutilized business zone), for purposes of assistance under such Act: (1) an initial period rebuilding county; and (2) an extension period rebuilding county.

Defines an initial period rebuilding county as a county, parish, or similar political subdivision: (1) for which the Administrator of the Small Business Administration (SBA) determines that the one-year unemployment rate is at least 110% of the one-year average unadjusted unemployment rate for the United States; (2) that is not a HUBZone or will cease to qualify as a HUBZone two years after such unemployment determination; and (3) during the three-year period beginning on the date of such unemployment determination.

Defines an extension rebuilding county as a county, parish, or political subdivision: (1) in which the Administrator has made the above unemployment determination; (2) for which the above three-year period has ended; (3) for which the Administrator determines that the unemployment rate as of a specified date is at least 140% of the average unadjusted unemployment rate; and (4) for which such designation extends for an additional specified period after the three-year period.