MAUI STRONG Act

Bill: 118-s-3151
Sponsor: full_name: Sen. Hirono, Mazie K. [D-HI]
Introduced: 2023-10-26
Policy area: Commerce
Latest action: action_date: 2023-10-26
text: Read twice and referred to the Committee on Finance.

Summaries:

tv_txt: II 118th CONGRESS 1st Session S. 3151 IN THE SENATE OF THE UNITED STATES October 26, 2023 Ms. Hirono introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To direct the Administrator of the Small Business Administration to establish the Emergency Micro-enterprise Recovery Grant Pilot Program, and for other purposes.

1. Short title This Act may be cited as the Micro-enterprise Assistance and Urgent Investment for Supporting Trade, Recovery Operations, and Neighborhood Growth Act or the MAUI STRONG Act . 2. Emergency Micro-enterprise Recovery Grant Pilot Program (a) Definitions In this section: (1) Administrator The term Administrator means the Administrator of the Small Business Administration. (2) Covered period The term covered period means the period beginning on August 1, 2023, and ending on December 31, 2024. (3) Eligible entity The term eligible entity means an entity operating on or after August 8, 2023, on the island of Maui that— (A) is a private nonprofit organization; or (B) experienced revenue loss between August 8, 2023, and December 31, 2023, and is— (i) a small agricultural cooperative (as defined in section 3(j) of the Small Business Act ( 15 U.S.C. 632(j) )); (ii) a business with not more than 25 employees; (iii) any individual who operates under a sole proprietorship or as an independent contractor; or (iv) a corporation— (I) all of the stock of which is owned by an employee stock ownership plan (as defined in section 4975(e)(7) of the Internal Revenue Code of 1986); and (II) with not more than 100 employees. (4) Program The term program means the Emergency Micro-enterprise Recovery Grant Pilot Program established under this section. (b) Establishment Not later than 60 days after the date of enactment of this Act, the Administrator shall establish the Emergency Micro-enterprise Recovery Grant Pilot Program to award grants to eligible entities during the covered period. (c) Verification To receive a grant under this section, an eligible entity shall submit to the Administrator an application at such time and in such manner as the Administrator may reasonably require, which shall contain a self-certification to verify that the entity submitting the application is an eligible entity. (d) Order of consideration The Administrator shall consider an application for a grant under this section in the order in which the application is received. (e) Amount The amount of a grant provided to an eligible entity under this section may not exceed $20,000. (f) Use of funds An eligible entity receiving a grant under this section shall use the grant amounts to— (1) address any allowable purpose for a loan made under section 7(b)(2) of the Small Business Act ( 15 U.S.C. 636(b)(2) ); (2) maintain payroll; (3) purchase materials or equipment; (4) make rent or mortgage payments; or (5) pay for obligations that cannot be met due to revenue losses. (g) Termination The authority to award grants under this section shall terminate on December 31, 2024. (h) Report Not later than 2 years after the date of enactment of this Act, the Administrator shall submit to the Committee on Small Business and Entrepreneurship of the Senate and the Committee on Small Business of the House of Representatives a report evaluating the impact of the program. (i) Tax exemption For purposes of the Internal Revenue Code of 1986— (1) any grant made under this section shall not be included in the gross income of the person that receives that grant; and (2) no deduction shall be denied, no tax attribute shall be reduced, and no basis increase shall be denied by reason of the exclusion from gross income provided under paragraph (1) of this subsection. (j) Authorization of appropriations There is authorized to be appropriated to the Administrator $30,000,000 to carry out this section.