II 117th CONGRESS 2d Session S. 4863 IN THE SENATE OF THE UNITED STATES September 15, 2022 Mr. Cardin (for himself, Ms. Duckworth , Ms. Hirono , Mrs. Shaheen , and Ms. Rosen ) introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship A BILL To amend the Small Business Act to improve the Women’s Business Center Program, and for other purposes.

1. Short title This Act may be cited as the Women’s Business Centers Improvement Act of 2022 . 2. Amendments to Women’s Business Center Program Section 29 of the Small Business Act ( 15 U.S.C. 656 ) is amended to read as follows: 29. Women’s Business Center Program (a) Definitions In this section: (1) Assistant Administrator The term Assistant Administrator means the Assistant Administrator of the Office of Women’s Business Ownership established under subsection (j). (2) Eligible entity The term eligible entity means— (A) an organization described in section 501(c) of the Internal Revenue Code of 1986 and exempt from taxation under section 501(a) of such Code; (B) a State, regional, or local economic development organization, if the organization certifies that grant funds received under this section will not be commingled with other funds; (C) an institution of higher education, as defined in section 101 of the Higher Education Act of 1965, unless the institution is receiving a grant under section 21; (D) a development, credit, or finance corporation chartered by a State, if the corporation certifies that grant funds received under this section will not be commingled with other funds; or (E) any combination of entities listed in subparagraphs (A) through (D). (3) Relevant organizations The term relevant organizations means— (A) organizations that advocate for or work with women entrepreneurs, women’s business ownership, or women’s business centers; and (B) other organizations as the Administrator determines appropriate. (4) Resource partners The term resource partners means small business development centers, chapters of the Service Corps of Retired Executives established under section 8(b)(1)(B), and Veteran Business Outreach Centers described in section 32. (5) Women’s business center The term women’s business center means the location at which counseling and training on the management, operations (including manufacturing, services, and retail), access to capital, international trade, government procurement opportunities, and any other matter that is needed to start, maintain, or expand a small business concern owned and controlled by women. (6) Women’s Business Center Organization The term Women’s Business Center Organization means a membership organization formed by women’s business centers to pursue matters of common concern. (b) Authority (1) Establishment There is established a Women’s Business Center Program under which the Administrator may enter into a cooperative agreement with an eligible entity to provide a grant to the eligible entity to operate 1 or more women’s business centers for the benefit of small business concerns owned and controlled by women. (2) Use of funds A women’s business center established using funds made available under this section shall be designed to provide entrepreneurial counseling and training that meets the needs of the small business concerns owned and controlled by women, especially concerns owned and controlled by women who are both socially and economically disadvantaged, as defined in section 8(a), and shall provide— (A) financial assistance, including counseling and training on how to— (i) apply for and secure business credit and investment capital; (ii) prepare and present financial statements; and (iii) manage cash flow and other financial operations of a small business concern; (B) management assistance, including counseling and training on how to plan, organize, staff, direct, and control each major activity and function of a small business concern; (C) marketing assistance, including counseling and training on how to— (i) identify and segment domestic and international market opportunities; (ii) prepare and execute marketing plans; (iii) develop pricing strategies; (iv) locate contract opportunities; (v) negotiate contracts; and (vi) use various public relations and advertising techniques; and (D) other services, as needed, in order to meet the changing and evolving needs of the small business community. (3) Types of grants (A) Initial grant The amount of an initial grant, which shall be for a 5-year term, provided under this section to an eligible entity shall be not more than $300,000 annually (as that amount is annually adjusted by the Administrator to reflect the change in inflation). (B) Continuation grants (i) In general The Administrator may award a continuation grant, which shall be for a 5-year term, of not more than $300,000 annually (as that amount is annually adjusted by the Administrator to reflect the change in inflation) to an eligible entity that received an initial grant under subparagraph (A). (ii) No limitation There shall be no limitation on the number of continuation grants an eligible entity may receive under this section. (c) Application (1) Initial grants and continuation grants To receive an initial grant or continuation grant under this section, an eligible entity shall submit an application to the Administrator in such form, in such manner, and containing such information as the Administrator may require, including— (A) a certification that the eligible entity— (i) has designated an executive director or program manager, who may be compensated using grant funds awarded under this section or other sources, to manage each women’s business center for which a grant under subsection (b) is sought; and (ii) meets accounting and reporting requirements established by the Director of the Office of Management and Budget; (B) information demonstrating the experience and effectiveness of the eligible entity in— (i) providing entrepreneurial counseling and training described in subsection (b)(2); (ii) providing training and services to a representative number of women who are both socially and economically disadvantaged; and (iii) working with resource partners, offices of the Administration, and other public and private entities engaging in entrepreneurial and small business development; and (C) a 5-year plan that— (i) includes information relating to the assistance to be provided by each women’s business center in the area in which each center is located; (ii) describes the ability of the eligible entity to meet the needs of the market to be served by each women’s business center; (iii) describes the ability of the eligible entity to obtain the matching funds required under subsection (e); and (iv) describes the ability of the eligible entity to provide entrepreneurial counseling and training described in subsection (b)(2), including to a representative number of women who are both socially and economically disadvantaged. (2) Record retention (A) In general The Administrator shall maintain a copy of each application submitted under this subsection for not less than 5 years. (B) Paperwork reduction The Administrator shall take steps to reduce, to the maximum extent practicable, the paperwork burden associated with carrying out subparagraph (A). (d) Selection of eligible entities (1) In general In selecting recipients of initial grants, the Administrator shall consider— (A) the experience of the applicant in providing entrepreneurial counseling and training; (B) the amount of time needed for the applicant to commence operation of a women’s business center; (C) the capacity of the applicant to meet the accreditation standards established under subsection (j)(4) in a timely manner and the likelihood that the recipient will become accredited; (D) the ability of the applicant to sustain operations, including the applicant’s ability to obtain matching funds under subsection (e), for a 5-year period; (E) the proposed location of a women’s business center to be operated by the applicant and the location’s proximity to Veteran Business Outreach Centers and to recipients of grants under section 8(b)(1) or 21; (F) the counsel of a Women's Business Center Organization or another relevant organization on the level of unmet need in the area where the women’s business center is to be located; and (G) whether the applicant has received trainings conducted by, utilized services provided by, or engaged with a Women’s Business Center Organization or another relevant organization in the preparation of the application. (2) Selection criteria (A) Rulemaking The Administrator shall issue regulations to specify the criteria for review and selection of applicants under this subsection. (B) Effect of regulations at time of application Unless otherwise required by an Act of Congress or an order of a Federal court, any application for an opportunity to award a grant under this section shall be governed by the regulations issued pursuant to subparagraph (A) that are in effect at the time of the public announcement of such opportunity made by the Administrator pursuant to subsection (k)(1). (C) Rule of construction Nothing in this paragraph may be construed as prohibiting the Administrator from modifying the regulations issued pursuant to subparagraph (A) as the regulations apply to an opportunity to be awarded a grant under this section that the Administrator has not yet publicly announced pursuant to subsection (k)(1). (e) Matching requirements (1) In general Subject to paragraph (5), upon approval of an application submitted under subsection (c), the eligible entity shall agree to obtain contributions from non-Federal sources— (A) in the first and second year of the term of an initial grant, if applicable, 1 non-Federal dollar for every 2 Federal dollars; and (B) in each subsequent year of the term of an initial grant, if applicable, or for the term of a continuation grant, 1 non-Federal dollar for each Federal dollar. (2) Form of matching funds Not more than one-half of non-Federal matching funds described in paragraph (1) may be in the form of in-kind contributions that are budget line items only, including office equipment and office space. (3) Solicitation Notwithstanding any other provision of law, an eligible entity may— (A) solicit cash and in-kind contributions from private individuals and entities to be used to operate a women’s business center; and (B) use amounts made available by the Administrator under this section for the cost of solicitation and management of the contributions received, subject to the limitations set by the Administrator. (4) Disbursement of funds The Administrator may disburse an amount not greater than 25 percent of the total amount of a grant awarded to an eligible entity before the eligible entity obtains the matching funds described in paragraph (1). (5) Failure to obtain matching funds (A) In general If an eligible entity fails to obtain the required matching funds described in paragraph (1), the eligible entity may not be eligible to receive advance disbursements pursuant to paragraph (4) during the remainder of the term, if applicable, of an initial grant awarded under this section. (B) Continuation grant Before approving the eligible entity for a continuation grant under this section, the Administrator shall make a written determination, including the reasons for the determination, of whether the Administrator believes that the eligible entity will be able to obtain the requisite matching funding under paragraph (1) for the continuation grant. (6) Waiver of non-Federal share (A) In general Upon request by an eligible entity and in accordance with this paragraph, the Administrator may waive, in whole or in part, the requirement to obtain matching funds under paragraph (1) for a grant awarded under this section for the eligible entity for a 1-year term of the grant. (B) Considerations In determining whether to issue a waiver under this paragraph, the Administrator shall consider— (i) the economic conditions affecting the eligible entity; (ii) the demonstrated ability of the eligible entity to raise non-Federal funds; and (iii) the performance of the eligible entity under the initial grant. (C) Limitation The Administrator may not issue a waiver under this paragraph if the Administrator determines that granting the waiver would undermine the credibility of the Women’s Business Center Program. (7) Excess non-Federal dollars The amount of non-Federal dollars obtained by an eligible entity that is greater than the amount that is required to be obtained by the eligible entity under this subsection shall not be subject to the requirements of part 200 of title 2, Code of Federal Regulations, or any successor thereto, if the amount of non-Federal dollars— (A) is not used as matching funds for purposes of implementing the Women’s Business Center Program; and (B) was not obtained by using funds granted under the Women’s Business Center Program. (8) Carryover An eligible entity may use excess non-Federal dollars described in paragraph (7) to satisfy the matching funds requirement under paragraph (1) for the subsequent 1-year grant term, if applicable, except that the amounts shall be subject to the requirements of part 200 of title 2, Code of Federal Regulations, or any successor thereto. (f) Other requirements (1) Separation of funds An eligible entity shall— (A) operate a women’s business center under this section separately from other projects, if any, of the eligible entity; and (B) separately maintain and account for any grant funds received under this section. (2) Examination of eligible entities (A) Required site visit Before receiving an initial grant under this section, each applicant shall have a site visit by an employee of the Administration in order to ensure that the applicant has sufficient resources to provide the services for which the grant is being provided. (B) Annual review An employee of the Administration shall— (i) conduct an annual programmatic and financial examination of each eligible entity, as described in subsection (g); and (ii) provide the results of the examination to the eligible entity. (3) Remediation of problems (A) Plan of action If an examination of an eligible entity conducted under paragraph (2)(B) identifies any problems, the eligible entity shall, not later than 45 calendar days after receiving a copy of the results of the examination, provide the Assistant Administrator with a plan of action, including specific milestones, for correcting those problems. (B) Plan of action review by the Assistant Administrator Not later than 30 days after receipt of the plan of action, the Assistant Administrator shall review the plan of action submitted under subparagraph (A), and if the Assistant Administrator determines that the plan— (i) will bring the eligible entity into compliance with all the terms of a cooperative agreement described in subsection (b), the Assistant Administrator shall approve the plan; or (ii) is inadequate to remedy the problems identified in the annual examination to which the plan of action relates, the Assistant Administrator shall set forth the reasons in writing and provide the determination to the eligible entity not later than 15 calendar days after the date of determination. (C) Amendment to plan of action An eligible entity receiving a determination under subparagraph (B)(ii) shall have 30 calendar days from the receipt of the determination to amend the plan of action to satisfy the problems identified by the Assistant Administrator and resubmit the plan to the Assistant Administrator. (D) Amended plan review by the Assistant Administrator Not later than 15 calendar days after receipt of an amended plan of action under subparagraph (C), the Assistant Administrator shall approve or reject the plan and provide the approval or rejection in writing to the eligible entity. (E) Appeal of Assistant Administrator determination (i) In general If the Assistant Administrator rejects an amended plan of action under subparagraph (D), the eligible entity shall have the opportunity to appeal the decision to the Administrator, who may delegate the appeal to an appropriate officer of the Administration. (ii) Opportunity for explanation Any appeal described in clause (i) shall provide an opportunity for the eligible entity to provide, in writing, an explanation of why the amended plan of action of the eligible entity remedies the problems identified in the annual examination conducted under paragraph (2)(B). (iii) Notice of determination The Administrator shall provide to the eligible entity a determination of the appeal, in writing, not later than 15 calendar days after the eligible entity files an appeal under this subparagraph. (iv) Effect of failure to act If the Administrator fails to act on an appeal made under this subparagraph within the 15-day period specified under clause (iii), the amended plan of action of the eligible entity submitted under subparagraph (C) shall be deemed to be approved. (4) Termination of grant (A) In general The Administrator shall terminate a grant to an eligible entity under this section if the eligible entity fails to comply with— (i) a plan of action approved by the Assistant Administrator under paragraph (3)(B)(i); or (ii) an amended plan of action approved by the Assistant Administrator under paragraph (3)(D) or approved on appeal under paragraph (3)(E). (B) Appeal of termination An eligible entity shall have the opportunity to challenge the termination of a grant under subparagraph (A) on the record and after an opportunity for a hearing. (C) Final agency action A determination made pursuant to subparagraph (B) shall be considered final agency action for the purposes of chapter 7 of title 5, United States Code. (5) Engagement with majority Women’s Business Center Organization, women's business centers, and other relevant organizations If, on the date of enactment of the Women’s Business Centers Improvement Act of 2022 , a majority of women’s business centers that are operating pursuant to agreements with the Administration are members of an individual Women’s Business Center Organization, the Administrator shall— (A) recognize the existence and activities of the Organization; and (B) consult with the Organization, and to the extent practicable, women's business centers and other relevant organizations, on the development of documents with respect to— (i) announcing the annual scope of activities pursuant to this section; (ii) requesting proposals to deliver assistance as provided in this section; and (iii) the governance, general operations, and administration of the Women's Business Center Program, including general best practices in the operation of that Program and the development of regulations and financial examinations under that Program. (6) Enforcement (A) Grants The Assistant Administrator shall develop policies and procedures to minimize the possibility of awarding a grant to an eligible entity that will operate a women’s business center that likely will not remain in compliance with program and financial requirements. (B) Individual cooperative agreements The Assistant Administrator shall enforce the terms of any individual cooperative agreement described in paragraph (5)(B)(iii). (g) Program examination (1) In general The Administration shall— (A) develop and implement an annual programmatic and financial examination of each eligible entity receiving a grant under this section, under which each eligible entity shall provide to the Administration— (i) an itemized cost breakdown of actual expenditures for costs incurred during the preceding year; and (ii) documentation regarding the amount of matching assistance from non-Federal sources obtained and expended by the eligible entity during the preceding year in order to meet the requirements of subsection (e) and, with respect to any in-kind contributions described in subsection (e)(2) that were used to satisfy the requirements of subsection (e), verification of the existence and valuation of those contributions; and (B) analyze the results of each examination and, based on that analysis, make a determination regarding the programmatic and financial viability of each women’s business center operated by the eligible entity. (2) Conditions for continued funding In determining whether to award a continuation grant to an eligible entity, the Administrator shall— (A) consider the results of the most recent examination of the eligible entity under paragraph (1); (B) determine if— (i) the eligible entity has failed to provide, or provided inadequate, information under paragraph (1)(A); or (ii) the eligible entity has failed to provide any information required to be provided by a women’s business center for purposes of the management report under subsection (l)(1), or the information provided by the center is inadequate; and (C) consider the accreditation status as described in subsection (j)(4). (h) Contract authority (1) Eligible entity An eligible entity that receives a grant under this section may enter into a contract with a Federal department or agency to provide specific assistance to small business concerns owned and controlled by women and other underserved small business concerns, if performance of that contract does not hinder the ability of the eligible entity to carry out the terms of a grant received under this section. (2) Administrator (A) In general The authority of the Administrator to enter into contracts shall be in effect for each fiscal year only to the extent and in the amounts as are provided in advance in appropriations Acts. (B) Adverse contract action After the Administrator has entered into a contract, either as a grant or a cooperative agreement, with any applicant under this section, the Administrator shall not suspend, terminate, or fail to renew or extend the contract unless the Administrator provides the applicant with written notification setting forth the reasons therefore and affords the applicant an opportunity for a hearing, appeal, or other administrative proceeding under chapter 5 of title 5, United States Code. (i) Privacy requirements (1) In general A women’s business center may not disclose the name, address, email address, or telephone number of any individual or small business concern receiving assistance under this section without the consent of that individual or small business concern, unless— (A) the Administrator orders the disclosure after the Administrator is ordered to make a disclosure by a court in any civil or criminal enforcement action initiated by a Federal or State agency; or (B) the Administrator considers a disclosure to be necessary for the purpose of conducting a financial audit of a women’s business center, except that the disclosure shall be limited to the information necessary for the audit. (2) Administration use of information This subsection shall not— (A) restrict the access of the Administration to women’s business center data; or (B) prevent the Administration from using information about individuals who use women’s business centers to conduct surveys of those individuals. (3) Regulations The Administrator shall issue regulations to establish standards for disclosures for purposes of a financial audit described in paragraph (1)(B). (j) Office of Women’s Business Ownership (1) Establishment There is established within the Administration an Office of Women’s Business Ownership, which shall be— (A) responsible for the administration of the Administration’s programs for the development of women’s business enterprises, as defined in section 408 of the Women’s Business Ownership Act of 1988 ( 15 U.S.C. 7108 ); and (B) administered by an Assistant Administrator, who shall be appointed by the Administrator. (2) Assistant Administrator of the Office of Women’s Business Ownership (A) Qualification The position of Assistant Administrator shall be— (i) a Senior Executive Service position under section 3132(a)(2) of title 5, United States Code; and (ii) a noncareer appointee, as defined in section 3132(a)(7) of that title. (B) Duties The Assistant Administrator shall administer the programs and services of the Office of Women’s Business Ownership and perform the following functions: (i) Recommend the annual administrative and program budgets of the Office and eligible entities receiving a grant under the Women’s Business Center Program. (ii) Review the annual budgets submitted by each eligible entity receiving a grant under the Women’s Business Center Program. (iii) Collaborate with other Federal departments and agencies, State and local governments, nonprofit organizations, and for-profit organizations to maximize utilization of taxpayer dollars and reduce or eliminate any duplication among the programs overseen by the Office of Women’s Business Ownership and those of other entities that provide similar services to women entrepreneurs. (iv) Maintain a clearinghouse to provide for the dissemination and exchange of information between women’s business centers. (v) Serve as the vice chairperson of the Interagency Committee on Women’s Business Enterprise and as the liaison for the National Women’s Business Council. (3) Mission The mission of the Office of Women’s Business Ownership shall be to assist women entrepreneurs to start, grow, and compete in global markets by providing quality support with access to capital, access to markets, job creation, growth, and counseling by— (A) fostering participation of women entrepreneurs in the economy by overseeing a network of women’s business centers throughout States and territories; (B) creating public-private partnerships to support women entrepreneurs and conduct outreach and education to small business concerns owned and controlled by women; and (C) working with other programs of the Administrator to— (i) ensure women are well-represented in those programs and being served by those programs; and (ii) identify gaps where participation by women in those programs could be increased. (4) Accreditation program (A) Establishment Not later than 270 days after the date of enactment of the Women’s Business Centers Improvement Act of 2022 , the Administrator shall publish standards for a program to accredit eligible entities that receive a grant under this section. (B) Public comment; transition Before publishing the standards under subparagraph (A), the Administrator— (i) shall provide a period of not less than 60 days for public comment on the standards; and (ii) may not terminate a grant under this section absent evidence of fraud or other criminal misconduct by the recipient. (C) Contracting authority The Administrator may provide financial support, by contract or otherwise, to a Women’s Business Center Organization to provide assistance in establishing the standards required under subparagraph (A) or for carrying out an accreditation program pursuant to those standards. (5) Continuation grant considerations (A) In general In determining whether to award a continuation grant under this section, the Administrator shall consider the results of the annual programmatic and financial examination conducted under subsection (g) and the accreditation program. (B) Accreditation requirement On and after the date that is 2 years after the date of enactment of the Women’s Business Centers Improvement Act of 2022 , the Administration may not award a continuation grant under this section unless the applicable eligible entity has been approved under the accreditation program conducted pursuant to this subsection, except that the Assistant Administrator for the Office of Women’s Business Ownership may waive the accreditation requirement, in the discretion of the Assistant Administrator, upon a showing that the eligible entity is making a good faith effort to obtain accreditation. (6) Annual conference (A) In general Each women’s business center shall participate in annual professional development at an annual conference facilitated by the Administrator. (B) Collaboration The Administrator shall collaborate with 1 or more Women’s Business Center Organizations, women’s business centers, or other relevant organizations in carrying out the responsibilities of the Administrator under subparagraph (A). (k) Notification requirements under the Women’s Business Center Program The Administrator shall provide the following: (1) A public announcement of any opportunity to be awarded grants under this section, to include the selection criteria under subsection (d) and any applicable regulations. (2) To any applicant for a grant under this section that failed to obtain a grant, an opportunity to debrief with the Administrator to review the reasons for the failure of the applicant. (3) To an eligible entity that receives an initial grant under this section, if a site visit or review of the eligible entity is carried out by an officer or employee of the Administration (other than the Inspector General), a copy of the site visit report or evaluation, as applicable, not later than 30 calendar days after the completion of the visit or evaluation. (l) Annual management report (1) In general The Administrator shall prepare and submit to the Committee on Small Business and Entrepreneurship of the Senate and the Committee on Small Business of the House of Representatives an annual report on the effectiveness of women’s business centers operated through a grant awarded under this section. (2) Information for report Each women’s business center shall, annually and upon request, provide the Administrator with sufficient information to complete the report required under paragraph (1), including the information described in paragraph (3). (3) Contents Each report submitted under paragraph (1) shall summarize— (A) information concerning, with respect to each women’s business center established pursuant to a grant awarded under this section, the most recent analysis of the annual programmatic and financial examination of the applicable eligible entity, as required under subsection (g)(1)(B), and the subsequent determination made by the Administration under that subsection; (B) the total number of individuals and the number of unique individuals counseled or trained through the Women's Business Center Program; (C) the total number of hours of counseling and training services provided through the Program; (D) to the extent practicable, the demographics of Program participants to include the gender, race, ethnicity, and age of each participant; (E) the number of Program participants who are veterans; (F) the number of new businesses started by participants in the Program; (G) to the extent practicable, the number of jobs supported, created, or retained with assistance from women’s business centers; (H) the total amount of capital secured by participants in the Program, including through loans and equity investment of the Administration; (I) the number of participants in the Program receiving financial assistance, including the type and dollar amount, under a loan program of the Administration; (J) an estimate of gross receipts, including to the extent practicable a description of any change in revenue of small business concerns assisted through the Program; (K) the number of referrals of individuals to other resources and programs of the Administration; (L) the results of satisfaction surveys of participants, including a summary of any comments received from those participants; and (M) any recommendations by the Administrator to improve the delivery of services by women’s business centers. (m) Authorization of appropriations (1) In general There are authorized to be appropriated to the Administration to carry out this section, to remain available until expended, $31,500,000 for each of fiscal years 2023 through 2026. (2) Use of amounts (A) In general Except as provided in subparagraph (B), amounts made available under this subsection for fiscal year 2023, and each fiscal year thereafter, may only be used for grant awards and may not be used for costs incurred by the Administration in connection with the management and administration of the program under this section. (B) Exceptions Of the amount made available under this subsection for a fiscal year, for the fiscal year beginning after the date of enactment of the Women’s Business Centers Improvement Act of 2022 and each fiscal year thereafter through fiscal year 2026, 2.6 percent shall be available for costs incurred by the Administration in connection with the management and administration of the program under this section. (C) Accreditation and annual conference Of the amounts made available in any fiscal year to carry out this section, not more than $250,000 may be used by the Administration to pay for expenses related to carrying out paragraphs (4) and (6) of subsection (j). (3) Expedited acquisition Notwithstanding any other provision of law, the Administrator may use expedited acquisition methods as the Administrator determines to be appropriate to carry out this section, except that the Administrator shall ensure that all small business concerns are provided a reasonable opportunity to submit proposals. . 3. Effect on existing grants (a) Terms and conditions A nonprofit organization receiving a grant under section 29(m) of the Small Business Act ( 15 U.S.C. 656(m) ), as in effect on the day before the date of enactment of this Act, shall continue to receive the grant under the terms and conditions in effect for the grant on the day before the date of enactment of this Act, except that the nonprofit organization may not apply for a continuation of the grant under section 29(m)(5) of the Small Business Act ( 15 U.S.C. 656(m)(5) ), as in effect on the day before the date of enactment of this Act. (b) Length of continuation grant The Administrator of the Small Business Administration may award a grant under section 29 of the Small Business Act ( 15 U.S.C. 656 ), as amended by this Act, to a nonprofit organization receiving a grant under section (m) of such section 29, as in effect on the day before the date of enactment of this Act, for the period— (1) beginning on the day after the last day of the grant agreement under such section 29(m); and (2) ending at the end of the third fiscal year beginning after the date of enactment of this Act. 4. Regulations Not later than 270 days after the date of enactment of this Act, the Administrator of Small Business Administration shall issue rules as are necessary to carry out section 29 of the Small Business Act ( 15 U.S.C. 656 ), as amended by this Act, and ensure that a period of public comment for those rules is not less than 60 days.