Title: Increasing Opportunities for Small Businesses Act of 2020
Policy area: Commerce

Summary:
Increasing Opportunities for Small Businesses Act of 2020
This bill requires the Small Business Administration (SBA), through specified offices, centers, and programs, to train and educate field representatives on investments in areas designated as qualified opportunity zones.
Opportunity zone designation is an economic development tool that facilitates investment in distressed areas to spur economic growth and job creation in low-income communities.
Field representatives shall (1) serve as the point of contact for questions and resources on such investments, (2) educate local elected leaders on such investments, and (3) hold an annual seminar in each state to provide education on how to benefit from such investments.
The SBA must submit an annual report on the efforts of the field representatives.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8120 Introduced in House (IH)]

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116th CONGRESS
  2d Session
                                H. R. 8120

 To require the Small Business Administration to train representatives 
        on the opportunity zone program, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            August 28, 2020

 Mr. Bishop of North Carolina (for himself and Mr. Timmons) introduced 
   the following bill; which was referred to the Committee on Small 
                                Business

_______________________________________________________________________

                                 A BILL


 
 To require the Small Business Administration to train representatives 
        on the opportunity zone program, 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 ``Increasing Opportunities for Small 
Businesses Act of 2020''.

SEC. 2. OPPORTUNITY ZONE PROGRAM REPRESENTATIVES.

    Section 4 of the Small Business Act (15 U.S.C. 633) is amended by 
adding at the end the following:
    ``(i) Opportunity Zone Program Representatives.--
            ``(1) In general.--The Administrator, through each district 
        office of the Administration, small business development 
        center, women's business center (described under section 29), 
        chapter of the Service Corps of Retired Executives (established 
        under section 8(b)(1)(B)), and Veteran Business Outreach Center 
        (described under section 32), shall train and educate field 
        representatives on investments in areas that have been 
        designated as qualified opportunity zones under section 1400Z-1 
        of the Internal Revenue Code of 1986.
            ``(2) Duties.--A field representative trained under 
        paragraph (1) shall--
                    ``(A) serve as a point of contact for questions and 
                resources on the investments described in paragraph (1) 
                for the area served by the district office, small 
                business development center, women's business center, 
                chapter of the Service Corps of Retired Executives, and 
                Veteran Business Outreach Center, as applicable;
                    ``(B) educate elected leaders within such area on 
                those investments; and
                    ``(C) hold an annual seminar in each State to 
                educate managers of qualified opportunity funds (as 
                defined in section 1400Z-2(d) of the Internal Revenue 
                Code of 1986), qualified opportunity zone businesses 
                (as defined in such section), State and local 
                government officials, accountants, lawyers, and other 
                interested persons on how to benefit from such 
                investments.
            ``(3) Report.--
                    ``(A) In general.--Not later than 1 year after the 
                date of enactment of this subsection, and every year 
                thereafter through 2026, the director of each regional 
                office of the Administration shall submit to the 
                Administrator a report on the success of the efforts of 
                the field representatives trained under paragraph (1), 
                including any problems faced by, and best practices of, 
                the field representatives.
                    ``(B) Submission by administrator.--The 
                Administrator shall submit each report received under 
                subparagraph (A) to the Committee on Small Business and 
                Entrepreneurship of the Senate and the Committee on 
                Small Business of the House of Representatives.''.
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