HUBZone Revitalization Act of 2015

Bill: 114-s-1292
Sponsor: Sen. Vitter, David [R-LA]
Introduced: 2015-05-12 in the Senate
Policy area: Commerce
Subjects: Disaster relief and insurance
Economic development
Government lending and loan guarantees
Military facilities and property
Small business

Summary:
action_date: 2015-05-12
text: 

HUBZone Revitalization Act of 2015

 
This bill amends the Small Business Act to redefine HUBZones (historically underutilized business Zones) eligible for certain assistance to include a qualified disaster area (a specified census tract or nonmetropolitan county located in a major declared disaster area or in an area where a catastrophic incident has occurred).
 
A qualified disaster area shall be treated as a HUBZone for 5 years after it has been declared a major disaster area or for 10 years after a catastrophic incident has occurred within it.
 
The Federal Emergency Management Agency shall provide the Small Business Administration with any data it needs to verify a small business's eligibility for the HUBZone small business loan program.
 
HUBZones shall now also include areas that can be used by small businesses whose principal offices are located in base closure HUBZones, with at least 35% of their employees residing in:
 
 
a HUBZone,
 
a census tract in which the base closure HUBZone is wholly contained,
 
 a census tract that intersects the boundaries of the base closure HUBZone, or
 
 census tract contiguous with these census tracts.
 
 
HUBZone eligibility assistance for base closure areas is extended from five years to eight years after their closure.

action_date: 2015-06-10
text: 
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
 

HUBZone Revitalization Act of 2015

 
(Sec. 2) This bill amends the Small Business Act to redefine HUBZones (historically underutilized business Zones) eligible for certain assistance to include a qualified disaster area (a specified census tract or nonmetropolitan county located in a major declared disaster area or in an area where a catastrophic incident has occurred).
 
A qualified disaster area shall be treated as a HUBZone for 5 years after it has been declared a major disaster area or for 10 years after a catastrophic incident has occurred within it.
 
The Federal Emergency Management Agency shall provide the Small Business Administration with any data it needs to verify a small business's eligibility for the HUBZone small business loan program.
 
(Sec. 3) HUBZones shall now also include areas that can be used by small businesses whose principal offices are located in base closure HUBZones, with at least 35% of their employees residing in:
 
 
a HUBZone,
 
a census tract in which the base closure HUBZone is wholly contained,
 
 a census tract that intersects the boundaries of the base closure HUBZone, or
 
 census tract contiguous with these census tracts.
 
 
This bill also amends the Consolidated Appropriations Act, 2005 to extend HUBZone eligibility assistance for base closure areas from five years to eight years after their closure.


Legislative actions:
action_date: 2016-05-26
text: By Senator Vitter from Committee on Small Business and Entrepreneurship filed written report. Report No. 114-269.
action_date: 2016-05-26
text: By Senator Vitter from Committee on Small Business and Entrepreneurship filed written report. Report No. 114-269.
action_date: 2015-06-10
text: Placed on Senate Legislative Calendar under General Orders. Calendar No. 112.
action_date: 2015-06-10
text: Committee on Small Business and Entrepreneurship. Reported by Senator Vitter without amendment. Without written report.
action_date: 2015-06-10
text: Committee on Small Business and Entrepreneurship. Reported by Senator Vitter without amendment. Without written report.
action_date: 2015-06-03
text: Committee on Small Business and Entrepreneurship. Ordered to be reported without amendment favorably.
action_date: 2015-05-12
text: Read twice and referred to the Committee on Small Business and Entrepreneurship.
action_date: 2015-05-12
text: Introduced in Senate