Increasing Opportunities for Small Businesses Act of 2020

Bill: 116-hr-8120
Sponsor: full_name: Rep. Bishop, Dan [R-NC-9]
Introduced: 2020-08-28
Policy area: Commerce
Subjects: Congressional oversight

Economic development

Employment and training programs

Government information and archives

Small business
Latest action: action_date: 2020-08-28
text: Referred to the House Committee on Small Business.

Summaries:
action_date: 2020-08-28
action_desc: Introduced in House
text: <p><b>Increasing Opportunities for Small Businesses Act of 2020</b></p> <p>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.</p> <p>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.</p> <p>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.</p> <p>The SBA must submit an annual report on the efforts of the field representatives.</p>

tv_txt: I 116th CONGRESS 2d Session H. R. 8120 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.

1. Short title This Act may be cited as the Increasing Opportunities for Small Businesses Act of 2020 . 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. .