Small Business Child Care Investment Act

Bill: 117-s-1587
Sponsor: full_name: Sen. Rosen, Jacky [D-NV]
Introduced: 2021-05-12
Policy area: Commerce
Subjects: Child care and development

Elementary and secondary education

Government lending and loan guarantees

Preschool education

Small business

Social work, volunteer service, charitable organizations

Tax-exempt organizations
Latest action: action_date: 2022-12-14
text: Committee on Small Business and Entrepreneurship. Hearings held.

Summaries:
action_date: 2021-05-12
action_desc: Introduced in Senate
text: <p><b>Small Business Child Care Investment Act</b></p> <p>This bill deems certain nonprofit child care providers to be small business concerns so that they may participate in loan programs administered by the Small Business Administration.</p>

tv_txt: II 117th CONGRESS 1st Session S. 1587 IN THE SENATE OF THE UNITED STATES May 12, 2021 Ms. Rosen (for herself, Ms. Ernst , Ms. Duckworth , and Mr. Rubio ) introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship A BILL To allow nonprofit child care providers to participate in the loan programs of the Small Business Administration.

1. Short title This Act may be cited as the Small Business Child Care Investment Act . 2. Small business loans for nonprofit child care providers Section 3(a) of the Small Business Act ( 15 U.S.C. 632(a) ) is amended by adding at the end the following: (10) Nonprofit child care providers (A) Definition In this paragraph, the term covered nonprofit child care provider means an organization— (i) that— (I) is in compliance with licensing requirements for child care providers of the State in which the organization is located; (II) is described in section 501(c)(3) of the Internal Revenue Code of 1986 and exempt from tax under section 501(a) of such Code; and (III) is primarily engaged in providing child care for children from birth to compulsory school age; (ii) for which each employee and regular volunteer complies with the criminal background check requirements under section 658H(b) of the Child Care and Development Block Grant Act of 1990 ( 42 U.S.C. 9858f(b) ); and (iii) that may— (I) provide care for school-age children outside of school hours or outside of the school year; or (II) offer preschool or prekindergarten educational programs. (B) Eligibility for loan programs Notwithstanding any other provision of this subsection, a covered nonprofit child care provider shall be deemed to be a small business concern for purposes of any program under this Act or the Small Business Investment Act of 1958 ( 15 U.S.C. 661 et seq.) under which— (i) the Administrator may make loans to small business concerns; (ii) the Administrator may guarantee timely payment of loans to small business concerns; or (iii) the recipient of a loan made or guaranteed by the Administrator may make loans to small business concerns. .