S. 5011, Economic Empowerment for Underserved Communities Act
Summary
S. 5011, the Economic Empowerment for Underserved Communities Act, was introduced in the Senate of the United States December 11, 2020, by Mrs. Loeffler, Mr. Crapo, and Mr. Rubio, and referred to the Committee on Finance. It would codify the Minority Business Development Agency of the Department of Commerce. Section 3, Supporting the CDFI Fund, makes $7,000,000,000 of amounts available under section 4027 of the CARES Act available to the Fund, with set-asides of up to $1,000,000,000 and up to $4,000,000,000. Other sections cover the New Markets Tax Credit, the Opportunity Zone Program, small business investment company provisions, and a subsidy for certain loan payments under section 1112 of the CARES Act.
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“S. 5011, Economic Empowerment for Underserved Communities Act.”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/bills-bills-116s5011is-bills-116s5011is/
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II
116TH CONGRESS
2D SESSION
S. 5011
To codify the Minority Business Development Agency of the Department
of Commerce, and for other purposes.
IN THE SENATE OF THE UNITED STATES
DECEMBER 11, 2020
Mrs. LOEFFLER (for herself, Mr. CRAPO, and Mr. RUBIO) introduced the
following bill; which was read twice and referred to the Committee on Finance
A BILL
To codify the Minority Business Development Agency of the
Department of Commerce, and for other purposes.
1 Be it enacted by the Senate and House of Representa-
2 tives of the United States of America in Congress assembled,
3 SECTION 1. SHORT TITLE.
4 This Act may be cited as the ‘‘Economic Empower-
5 ment for Underserved Communities Act’’.
6 SEC. 2. PURPOSES.
7 The purposes of this Act, and the amendments made
8 by this Act, are to—
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9 (1) ensure that underserved communities have
10 access to capital to promote economic revitalization;
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1 (2) respond to the unprecedented loss of jobs
2 and minority-owned businesses as a result of the
3 COVID–19 pandemic; and
4 (3) further encourage long-term investments in
5 low-income and minority communities.
6 SEC. 3. SUPPORTING THE CDFI FUND.
7 (a) APPROPRIATIONS.—Of the amounts made avail-
8 able to the Secretary of the Treasury under section 4027
9 of the CARES Act (15 U.S.C. 9061), $7,000,000,000
10 shall be made available to the Fund to carry out this sec-
11 tion.
12 (b) SET ASIDES.—Of the amounts made available
13 under subsection (a), the following amounts shall be set
14 aside:
15 (1) Up to $1,000,000,000, to remain available
16 until September 30, 2022, to support, prepare for,
17 and respond to the economic impact of the
18 coronavirus, provided that the Fund shall—
19 (A) provide grants funded under this para-
20 graph using a formula that takes into account
21 criteria such as certification status, financial
22 and compliance performance, portfolio and bal-
23 ance sheet strength, a diversity of CDFI busi-
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24 ness model types, and program capacity, of
25 which not less than $30,000,000 may be for
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1 grants to benefit Native American, Native Ha-
2 waiian, and Alaska Native communities; and
3 (B) make funds available under this para-
4 graph not later than 60 days after the date of
5 enactment of this Act.
6 (2) Up to $4,000,000,000, to remain available
7 until September 30, 2025, to provide grants to
8 CDFIs—
9 (A) to expand lending or investment activ-
10 ity in low- or moderate-income minority commu-
11 nities and to minorities that have significant
12 unmet capital or financial services needs; and
13 (B) using a formula that takes into ac-
14 count criteria such as certification status, finan-
15 cial and compliance performance, portfolio and
16 balance sheet strength, a diversity of CDFI
17 business model types, and program capacity, as
18 well as experience making loans and invest-
19 ments to those areas and populations identified
20 in this paragraph.
21 (3) Up to $500,000,000, to remain available
22 until expended, for technical assistance, technology,
23 and training under sections 108(a)(1)(B) and 109,
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24 respectively, of the Community Development Bank-
25 ing and Financial Institutions Act of 1994 (12
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1 U.S.C. 4707(a)(1)(B), 4708), with a preference for
2 minority-led and minority-owned CDFIs that pri-
3 marily serve low- and moderate-income communities.
4 (4) Up to $500,000,000, to remain available
5 until expended, to provide grants to recipients that
6 are minority-led and minority-owned CDFIs.
7 (c) ADMINISTRATIVE EXPENSES.—Funds made
8 available under this section may be used for administrative
9 expenses, including administration of Fund programs and
10 the New Markets Tax Credit Program under section 45D
11 of the Internal Revenue Code of 1986.
12 (d) EMERGENCY DESIGNATION.—
13 (1) IN GENERAL.—The amounts provided under
14 this section are designated as an emergency require-
15 ment pursuant to section 4(g) of the Statutory Pay-
16 As-You-Go Act of 2010 (2 U.S.C. 933(g)).
17 (2) DESIGNATION IN SENATE.—In the Senate,
18 this section is designated as an emergency require-
19 ment pursuant to section 4112(a) of H. Con. Res.
20 71 (115th Congress), the concurrent resolution on
21 the budget for fiscal year 2018.
22 (e) DEFINITIONS.—In this section:
23 (1) CDFI.—The term ‘‘CDFI’’ means a com-
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24 munity development financial institution, as defined
25 in section 103 of the Community Development
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1 Banking and Financial Institutions Act of 1994 (12
2 U.S.C. 4702).
3 (2) FUND.—The term ‘‘Fund’’ means the Com-
4 munity Development Financial Institutions Fund es-
5 tablished under section 104(a) of the Community
6 Development Banking and Financial Institutions Act
7 of 1994 (12 U.S.C. 4703(a)).
8 (3) MINORITY.—The term ‘‘minority’’ means
9 any Black American, Native American, Hispanic
10 American, or Asian American.
11 SEC. 4. PERMANENT EXTENSION OF NEW MARKETS TAX
12 CREDIT.
13 (a) EXTENSION.—
14 (1) IN GENERAL.—Subparagraph (H) of section
15 45D(f)(1) of the Internal Revenue Code of 1986 is
16 amended by inserting ‘‘and each calendar year there-
17 after’’ after ‘‘for 2020’’.
18 (2) CONFORMING AMENDMENT.—Section
19 45D(f)(3) of such Code is amended by striking the
20 last sentence.
21 (b) INFLATION ADJUSTMENT.—Subsection (f) of sec-
22 tion 45D of the Internal Revenue Code of 1986 is amend-
23 ed by adding at the end the following new paragraph:
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24 ‘‘(4) INFLATION ADJUSTMENT.—
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1 ‘‘(A) IN GENERAL.—In the case of any cal-
2 endar year beginning after 2020, the dollar
3 amount in paragraph (1)(G) shall be increased
4 by an amount equal to—
5 ‘‘(i) such dollar amount, multiplied by
6 ‘‘(ii) the cost-of-living adjustment de-
7 termined under section 1(f)(3) for the cal-
8 endar year, determined by substituting
9 ‘calendar year 2019’ for ‘calendar year
10 2016’ in subparagraph (A)(ii) thereof.
11 ‘‘(B) ROUNDING RULE.—Any increase
12 under subparagraph (A) which is not a multiple
13 of $1,000,000 shall be rounded to the nearest
14 multiple of $1,000,000.’’.
15 (c) ALTERNATIVE MINIMUM TAX RELIEF.—Subpara-
16 graph (B) of section 38(c)(4) of the Internal Revenue
17 Code of 1986 is amended—
18 (1) by redesignating clauses (vii) through (xii)
19 as clauses (viii) through (xiii), respectively, and
20 (2) by inserting after clause (vi) the following
21 new clause:
22 ‘‘(vii) the credit determined under sec-
23 tion 45D, but only with respect to credits
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24 determined with respect to qualified equity
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1 investments (as defined in section 45D(b))
2 initially made after December 31, 2019,’’.
3 (d) EFFECTIVE DATES.—
4 (1) IN GENERAL.—Except as provided in para-
5 graph (2), the amendments made by this section
6 shall apply to taxable years beginning after Decem-
7 ber 31, 2019.
8 (2) ALTERNATIVE MINIMUM TAX RELIEF.—The
9 amendments made by subsection (c) shall apply to
10 credits determined with respect to qualified equity
11 investments (as defined in section 45D(b) of the In-
12 ternal Revenue Code of 1986) initially made after
13 December 31, 2020.
14 SEC. 5. OPPORTUNITY ZONE PROGRAM REPRESENTATIVES.
15 Section 4 of the Small Business Act (15 U.S.C. 633)
16 is amended by adding at the end the following:
17 ‘‘(i) OPPORTUNITY ZONE PROGRAM REPRESENTA-
18 TIVES.—
19 ‘‘(1) IN GENERAL.—The Administrator,
20 through each district office of the Administration,
21 small business development center, women’s business
22 center described in section 29, chapter of the Service
23 Corps of Retired Executives authorized by section
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24 8(b)(1), and Veteran Business Outreach Center de-
25 scribed in section 32, shall train and educate field
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1 representatives on investments in areas that have
2 been designated as qualified opportunity zones under
3 section 1400Z–1 of the Internal Revenue Code of
4 1986.
5 ‘‘(2) DUTIES.—A field representative trained
6 under paragraph (1) shall—
7 ‘‘(A) serve as a point of contact for ques-
8 tions and resources on the investments de-
9 scribed in paragraph (1) for the area served by
10 the district office, small business development
11 center, women’s business center, chapter of the
12 Service Corps of Retired Executives, and Vet-
13 eran Business Outreach Center, as applicable;
14 ‘‘(B) educate elected leaders within such
15 area on those investments; and
16 ‘‘(C) hold an annual seminar in each State
17 to educate managers of qualified opportunity
18 funds (as defined in section 1400Z–2(d) of the
19 Internal Revenue Code of 1986), qualified op-
20 portunity zone businesses (as defined in such
21 section), State and local government officials,
22 accountants, lawyers, and other interested per-
23 sons on how to benefit from such investments.
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24 ‘‘(3) REPORT.—
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1 ‘‘(A) IN GENERAL.—Not later than 1 year
2 after the date of enactment of this subsection,
3 and annually thereafter through 2026, the di-
4 rector of each regional office of the Administra-
5 tion shall submit to the Administrator a report
6 on the success of the efforts of the field rep-
7 resentatives trained under paragraph (1), in-
8 cluding any problems faced by, and best prac-
9 tices of, the field representatives.
10 ‘‘(B) SUBMISSION BY ADMINISTRATOR.—
11 The Administrator shall submit each report re-
12 ceived under subparagraph (A) to the Com-
13 mittee on Small Business and Entrepreneurship
14 of the Senate and the Committee on Small
15 Business of the House of Representatives.’’.
16 SEC. 6. SMALL BUSINESS INVESTMENT COMPANY PRO-
17 GRAM.
18 (a) IN GENERAL.—Part A of title III of the Small
19 Business Investment Act of 1958 (15 U.S.C. 681 et seq.)
20 is amended—
21 (1) in section 302(a) (15 U.S.C. 682(a))—
22 (A) in paragraph (1)—
23 (i) in subparagraph (A), by striking
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24 ‘‘or’’ at the end;
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1 (ii) in subparagraph (B), by striking
2 the period at the end and inserting ‘‘; or’’;
3 and
4 (iii) by adding at the end the fol-
5 lowing:
6 ‘‘(C) $20,000,000, adjusted every 5 years
7 for inflation, with respect to each licensee au-
8 thorized or seeking authority to sell bonds to
9 Administration as a participating investment
10 company under section 321.’’; and
11 (2) by adding at the end the following:
12 ‘‘SEC. 321. SMALL BUSINESS AND DOMESTIC PRODUCTION
13 RECOVERY INVESTMENT FACILITY.
14 ‘‘(a) DEFINITIONS.—In this section:
15 ‘‘(1) COVERED POPULATION CENSUS TRACT.—
16 The term ‘covered population census tract’ means a
17 population census tract for which—
18 ‘‘(A) in the case of a tract that is not lo-
19 cated within a metropolitan area, the median
20 income does not exceed 80 percent of the state-
21 wide (or, with respect to a possession or terri-
22 tory of the United States, the possession- or
23 territory-wide) median family income; or
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24 ‘‘(B) in the case of a tract that is located
25 within a metropolitan area, the median family
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1 income does not exceed 80 percent of the great-
2 er of the statewide (or, with respect to a posses-
3 sion or territory of the United States, the
4 possession- or territory-wide) median family in-
5 come and the metropolitan area median family
6 income.
7 ‘‘(2) ELIGIBLE SMALL BUSINESS CONCERN.—
8 The term ‘eligible small business concern’—
9 ‘‘(A) means a small business concern
10 that—
11 ‘‘(i)(I) except as provided in sub-
12 clauses (II), (III), and (IV), had gross re-
13 ceipts during the first or second quarter in
14 2020 that are not less than 50 percent less
15 than the gross receipts of the entity during
16 the same quarter in 2019;
17 ‘‘(II) if the entity was not in business
18 during the first or second quarter of 2019,
19 but was in business during the third and
20 fourth quarter of 2019, had gross receipts
21 during the first or second quarter of 2020
22 that are less than 50 percent of the
23 amount of the gross receipts of the entity
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24 during the third or fourth quarter of 2019;
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1 ‘‘(III) if the entity was not in business
2 during the first, second, or third quarter of
3 2019, but was in business during the
4 fourth quarter of 2019, had gross receipts
5 during the first or second quarter of 2020
6 that are less than 50 percent of the
7 amount of the gross receipts of the entity
8 during the fourth quarter of 2019; or
9 ‘‘(IV) if the entity was not in business
10 during 2019, but was in operation on Feb-
11 ruary 15, 2020, had gross receipts during
12 the second quarter of 2020 that are less
13 than 50 percent of the amount of the gross
14 receipts of the entity during the first quar-
15 ter of 2020;
16 ‘‘(ii) is a manufacturing business that
17 is assigned a North American Industry
18 Classification System code beginning with
19 31, 32, or 33 at the time at which the
20 small business concern receives an invest-
21 ment from a participating investment com-
22 pany under the facility; or
23 ‘‘(iii) is located in a small business
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24 low-income census tract; and
25 ‘‘(B) does not include—
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1 ‘‘(i) an issuer, the securities of which
2 are listed on an exchange registered a na-
3 tional securities exchange under section 6
4 of the Securities Exchange Act of 1934
5 (15 U.S.C. 78f);
6 ‘‘(ii) any entity that—
7 ‘‘(I) is a type of business concern
8 described in paragraph (b), (c), (d),
9 (e), (f), (h), (l), (m), (p), (q), (r), or
10 (s) of section 120.110 of title 13,
11 Code of Federal Regulations, or any
12 successor regulation;
13 ‘‘(II) is a type of business con-
14 cern described in section 120.110(g)
15 of title 13, Code of Federal Regula-
16 tions, or any successor regulation, ex-
17 cept as otherwise provided in the in-
18 terim final rule of the Administration
19 entitled ‘Business Loan Program
20 Temporary Changes; Paycheck Pro-
21 tection Program—Additional Eligi-
22 bility Criteria and Requirements for
23 Certain Pledges of Loans’ (85 Fed.
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24 Reg. 21747 (April 20, 2020));
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1 ‘‘(III) is a type of business con-
2 cern described in section 120.110(i) of
3 title 13, Code of Federal Regulations,
4 or any successor regulation, except
5 if—
6 ‘‘(aa) the business concern
7 is described in section 501(c)(6)
8 of the Internal Revenue Code and
9 that is exempt from taxation
10 under section 501(a) of such
11 Code (excluding professional foot-
12 ball leagues and organizations
13 with the purpose of promoting or
14 participating in a political cam-
15 paign or other activity);
16 ‘‘(bb) the business concern
17 does not receive more than 10
18 percent of its receipts from lob-
19 bying activities;
20 ‘‘(cc) the lobbying activities
21 of the business concern do not
22 comprise more than 10 percent
23 of the total activities of the busi-
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24 ness concern; and
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1 ‘‘(dd) the business concern
2 employs not more than 300 em-
3 ployees;
4 ‘‘(IV) is a type of business con-
5 cern described in section 120.110(j) of
6 title 13, Code of Federal Regulations,
7 or any successor regulation, except as
8 otherwise provided in the interim final
9 rules of the Administration entitled
10 ‘Business Loan Program Temporary
11 Changes; Paycheck Protection Pro-
12 gram—Eligibility of Certain Electric
13 Cooperatives’ (85 Fed. Reg. 29847
14 (May 19, 2020)) and ‘Business Loan
15 Program Temporary Changes; Pay-
16 check Protection Program—Eligibility
17 of Certain Telephone Cooperatives’
18 (85 Fed. Reg. 35550 (June 11,
19 2020)) or any other guidance or rule
20 issued or that may be issued by the
21 Administrator;
22 ‘‘(V) is a type of business con-
23 cern described in section 120.110(n)
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24 of title 13, Code of Federal Regula-
25 tions, or any successor regulation, ex-
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1 cept as otherwise provided in the in-
2 terim final rule of the Administration
3 entitled ‘Business Loan Program
4 Temporary Changes; Paycheck Pro-
5 tection Program—Additional Eligi-
6 bility Revisions to First Interim Final
7 Rule’ (85 Fed. Reg. 38301 (June 26,
8 2020)) or any other guidance or rule
9 issued or that may be issued by the
10 Administrator;
11 ‘‘(VI) is a type of business con-
12 cern described in section 120.110(o)
13 of title 13, Code of Federal Regula-
14 tions, or any successor regulation, ex-
15 cept as otherwise provided in any
16 guidance or rule issued or that may
17 be issued by the Administrator;
18 ‘‘(VII) is an entity that is orga-
19 nized for research or for engaging in
20 advocacy in areas such as public pol-
21 icy or political strategy or otherwise
22 describes itself as a think tank in any
23 public documents;
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24 ‘‘(VIII) is an entity that would
25 be described in the provisions listed in
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1 subclauses (I) through (VII) if the en-
2 tity were a business concern; or
3 ‘‘(IX) is assigned, or was ap-
4 proved for a loan under section
5 7(a)(36) of the Small Business Act
6 (15 U.S.C. 636(a)(36)) with, a North
7 American Industry Classification Sys-
8 tem code beginning with 52;
9 ‘‘(iii) any business concern or entity
10 primarily engaged in political or lobbying
11 activities, including any entity that is orga-
12 nized for research or for engaging in advo-
13 cacy in areas such as public policy or polit-
14 ical strategy or otherwise describes itself as
15 a think tank in any public documents; or
16 ‘‘(iv) any business concern or entity—
17 ‘‘(I) for which an entity created
18 in or organized under the laws of the
19 People’s Republic of China or the
20 Special Administrative Region of
21 Hong Kong, or that has significant
22 operations in the People’s Republic of
23 China or the Special Administrative
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24 Region of Hong Kong, owns or holds,
25 directly or indirectly, not less than 20
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1 percent of the economic interest of the
2 business concern or entity, including
3 as equity shares or a capital or profit
4 interest in a limited liability company
5 or partnership; or
6 ‘‘(II) that retains, as a member
7 of the board of directors of the busi-
8 ness concern, a person who is a resi-
9 dent of the People’s Republic of
10 China.
11 ‘‘(3) FACILITY.—The term ‘facility’ means the
12 facility established under subsection (b).
13 ‘‘(4) FUND.—The term ‘Fund’ means the fund
14 established under subsection (h).
15 ‘‘(5) PARTICIPATING INVESTMENT COMPANY.—
16 The term ‘participating investment company’ means
17 a small business investment company approved
18 under subsection (d) to participate in the facility.
19 ‘‘(6) PROTÉGÉ INVESTMENT COMPANY.—The
20 term ‘protégé investment company’ means a small
21 business investment company that—
22 ‘‘(A) is majority managed by new, inexperi-
23 enced, or otherwise underrepresented fund man-
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24 agers; and
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1 ‘‘(B) elects and is selected by the Adminis-
2 tration to participate in the pathway-protégé
3 program under subsection (g).
4 ‘‘(7) SMALL BUSINESS CONCERN.—The term
5 ‘small business concern’ has the meaning given the
6 term in section 3(a) of the Small Business Act (15
7 U.S.C. 632(a)).
8 ‘‘(8) SMALL BUSINESS LOW-INCOME CENSUS
9 TRACT.—The term ‘small business low-income cen-
10 sus tract’—
11 ‘‘(A) means—
12 ‘‘(i) a covered population census tract
13 for which the poverty rate is not less than
14 20 percent; or
15 ‘‘(ii) an area—
16 ‘‘(I) that is not tracted as a pop-
17 ulation census tract;
18 ‘‘(II) for which the poverty rate
19 in the equivalent county division (as
20 defined by the Bureau of the Census)
21 is not less than 20 percent; and
22 ‘‘(III) for which the median in-
23 come in the equivalent county division
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24 (as defined by the Bureau of the Cen-
25 sus) does not exceed 80 percent of the
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1 statewide (or, with respect to a pos-
2 session or territory of the United
3 States, the possession- or territory-
4 wide) median income; and
5 ‘‘(B) does not include any area or popu-
6 lation census tract with a median family income
7 that is not less than 120 percent of the median
8 family income in the United States, according
9 to the most recent American Communities Sur-
10 vey data from the Bureau of the Census.
11 ‘‘(b) ESTABLISHMENT.—
12 ‘‘(1) FACILITY.—The Administrator shall estab-
13 lish and carry out a facility to improve the recovery
14 of eligible small business concerns from the COVID–
15 19 pandemic, increase resiliency in the manufac-
16 turing supply chain of eligible small business con-
17 cerns, and increase the economic development of
18 small business low-income census tracts by providing
19 financial assistance to participating investment com-
20 panies that facilitate equity financings to eligible
21 small business concerns in accordance with this sec-
22 tion.
23 ‘‘(2) ADMINISTRATION OF FACILITY.—The fa-
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24 cility shall be administered by the Administrator act-
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1 ing through the Associate Administrator described in
2 section 201.
3 ‘‘(c) APPLICATIONS.—
4 ‘‘(1) IN GENERAL.—Any small business invest-
5 ment company may submit to the Administrator an
6 application to participate in the facility.
7 ‘‘(2) REQUIREMENTS FOR APPLICATION.—An
8 application to participate in the facility shall include
9 the following:
10 ‘‘(A) A business plan describing how the
11 applicant intends to make successful equity in-
12 vestments in eligible small business concerns.
13 ‘‘(B) Information regarding the relevant
14 investment qualifications and backgrounds of
15 the individuals responsible for the management
16 of the applicant.
17 ‘‘(C) A description of the extent to which
18 the applicant meets the selection criteria under
19 subsection (d)(2).
20 ‘‘(3) EXCEPTIONS TO APPLICATION FOR NEW
21 LICENSEES.—Not later than 90 days after the date
22 of enactment of this section, the Administrator shall
23 reduce requirements for applicants applying to oper-
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24 ate as a participating investment company under
25 this section in order to encourage the participation
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1 of new small business investment companies in the
2 facility under this section, which may include the re-
3 quirements established under part 107 of title 13,
4 Code of Federal Regulations, or any successor regu-
5 lations, relating to—
6 ‘‘(A) the approval of initial management
7 expenses;
8 ‘‘(B) the management ownership diversity
9 requirement;
10 ‘‘(C) the disclosure of general compen-
11 satory practices and fee structures; or
12 ‘‘(D) any other requirement that the Ad-
13 ministrator determines to be an obstacle to
14 achieving the purposes described in this para-
15 graph.
16 ‘‘(d) SELECTION OF PARTICIPATING INVESTMENT
17 COMPANIES.—
18 ‘‘(1) DETERMINATION.—
19 ‘‘(A) IN GENERAL.—Except as provided in
20 paragraph (3), not later than 60 days after the
21 date on which the Administrator receives an ap-
22 plication under subsection (c), the Adminis-
23 trator shall—
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1 ‘‘(i) make a final determination to ap-
2 prove or disapprove such applicant to par-
3 ticipate in the facility; and
4 ‘‘(ii) transmit the determination to the
5 applicant in writing.
6 ‘‘(B) COMMITMENT AMOUNT.—Except as
7 provided in paragraph (3), at the time of ap-
8 proval of an applicant, the Administrator shall
9 make a determination of the amount of the
10 commitment that may be awarded to the appli-
11 cant under this section.
12 ‘‘(2) SELECTION CRITERIA.—In making a de-
13 termination under paragraph (1), the Administrator
14 shall consider—
15 ‘‘(A) the probability that the investment
16 strategy of the applicant will successfully repay
17 any financial assistance provided by the Admin-
18 istration, including the probability of a return
19 significantly in excess thereof;
20 ‘‘(B) the probability that the investments
21 made by the applicant will—
22 ‘‘(i) provide capital to eligible small
23 business concerns; or
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24 ‘‘(ii) create or preserve jobs in the
25 United States;
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1 ‘‘(C) the probability that the applicant will
2 meet the objectives in the business plan of the
3 applicant, including the financial goals, and, if
4 applicable, the pathway-protégé program in ac-
5 cordance with subsection (g); and
6 ‘‘(D) the probability that the applicant will
7 assist eligible small business concerns in achiev-
8 ing profitability.
9 ‘‘(3) APPROVAL OF PARTICIPATING INVEST-
10 MENT COMPANIES.—
11 ‘‘(A) PROVISIONAL APPROVAL.—
12 ‘‘(i) IN GENERAL.—Notwithstanding
13 paragraph (1), with respect to an applica-
14 tion submitted by an applicant to operate
15 as a participating investment company
16 under this section, the Administrator may
17 provide provisional approval for the appli-
18 cant in lieu of a final determination of ap-
19 proval and determination of the amount of
20 the commitment under that paragraph.
21 ‘‘(ii) PURPOSE.—The purpose of a
22 provisional approval under clause (i) is
23 to—
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24 ‘‘(I) encourage applications from
25 investment companies with an invest-
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1 ment mandate from the committed
2 private market capital of the invest-
3 ment company that does not conform
4 to the requirements described in this
5 section at the time of application;
6 ‘‘(II) allow the applicant to more
7 effectively raise capital commitments
8 in the private markets by referencing
9 the intent of the Administrator to
10 award the applicant a commitment;
11 and
12 ‘‘(III) allow the applicant to more
13 precisely request the desired amount
14 of commitment pending the securing
15 of capital from private market inves-
16 tors.
17 ‘‘(iii) LIMIT ON PERIOD OF THE
18 TIME.—The period between a provisional
19 approval under clause (i) and the final de-
20 termination of approval under paragraph
21 (1) shall not exceed 12 months.
22 ‘‘(e) COMMITMENTS AND SBIC BONDS.—
23 ‘‘(1) IN GENERAL.—The Administrator may,
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24 out of amounts available in the Fund, purchase or
25 commit to purchase from a participating investment
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1 company 1 or more accruing bonds that include eq-
2 uity features as described in this subsection.
3 ‘‘(2) BOND TERMS.—A bond purchased by the
4 Administrator from a participating investment com-
5 pany under this subsection shall have the following
6 terms and conditions:
7 ‘‘(A) TERM AND INTEREST.—
8 ‘‘(i) IN GENERAL.—The bond shall be
9 issued for a term of not less than 15 years
10 and shall bear interest at a rate deter-
11 mined by the Administrator of not more
12 than 2 percent.
13 ‘‘(ii) ACCRUAL OF INTEREST.—Inter-
14 est on the bond shall accrue and shall be
15 payable in accordance with subparagraph
16 (D).
17 ‘‘(iii) PREPAYMENT.—The bond shall
18 be prepayable without penalty after the
19 end of the 1-year period beginning on the
20 date on which the bond was purchased.
21 ‘‘(B) PROFITS.—
22 ‘‘(i) IN GENERAL.—The Administra-
23 tion shall be entitled to receive a share of
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24 the profits net of any profit sharing per-
25 formance compensation of the participating
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1 investment company equal to the quotient
2 obtained by dividing—
3 ‘‘(I) one-third of the commitment
4 that the participating investment com-
5 pany is approved for under subsection
6 (d); by
7 ‘‘(II) the commitment approved
8 under subsection (d) plus the regu-
9 latory capital of the participating in-
10 vestment company at the time of ap-
11 proval under that subsection.
12 ‘‘(ii) DETERMINATION OF PERCENT-
13 AGE.—The share to which the Administra-
14 tion is entitled under clause (i)—
15 ‘‘(I) shall be determined at the
16 time of approval under subsection (d);
17 and
18 ‘‘(II) without the approval of the
19 Administration, shall not be revised,
20 including to reflect subsequent dis-
21 tributions of profits, returns of cap-
22 ital, or repayments of bonds, or other-
23 wise.
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24 ‘‘(C) PROFIT SHARING PERFORMANCE
25 COMPENSATION.—
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1 ‘‘(i) RECEIPT BY ADMINISTRATION.—
2 The Administration shall receive a share of
3 profits of not more than 2 percent, which
4 shall be deposited into the Fund and be
5 available to make commitments under this
6 subsection.
7 ‘‘(ii) RECEIPT BY MANAGERS.—The
8 managers of the participating investment
9 company may receive a maximum profit
10 sharing performance compensation of 25
11 percent minus the share of profits paid to
12 the Administration under clause (i).
13 ‘‘(D) PROHIBITION ON DISTRIBUTIONS.—
14 No distributions on capital, including profit dis-
15 tributions, shall be made by the participating
16 investment company to the investors or man-
17 agers of the participating investment company
18 until the Administration has received payment
19 of all accrued interest on the bond committed
20 under this section.
21 ‘‘(E) REPAYMENT OF PRINCIPAL.—Except
22 as described in subparagraph (F), repayments
23 of principal of the bond of a participating in-
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24 vestment company shall be—
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1 ‘‘(i) made at the same time as returns
2 of private capital; and
3 ‘‘(ii) in amounts equal to the pro rata
4 share of the Administration of the total
5 amount being repaid or returned at such
6 time.
7 ‘‘(F) LIQUIDATION OR DEFAULT.—Upon
8 any liquidation event or default, as defined by
9 the Administration, any unpaid principal or ac-
10 crued interest on the bond shall—
11 ‘‘(i) have a priority over all equity of
12 the participating investment company; and
13 ‘‘(ii) be paid before any return of eq-
14 uity or any other distributions to the inves-
15 tors or managers of the participating in-
16 vestment company.
17 ‘‘(3) AMOUNT OF COMMITMENTS AND PUR-
18 CHASES.—
19 ‘‘(A) MAXIMUM AMOUNT.—The maximum
20 amount of outstanding bonds and commitments
21 to purchase bonds for any participating invest-
22 ment company under the facility shall be the
23 lesser of—
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1 ‘‘(i) twice the amount of the regu-
2 latory capital of the participating invest-
3 ment company; or
4 ‘‘(ii) $200,000,000.
5 ‘‘(4) COMMITMENT PROCESS.—Commitments by
6 the Administration to purchase bonds under the fa-
7 cility shall remain available to be sold by a partici-
8 pating investment company until the end of the
9 fourth fiscal year following the year in which the
10 commitment is made, subject to review and approval
11 by the Administration based on regulatory compli-
12 ance, financial status, change in management, devi-
13 ation from business plan, and such other limitations
14 as may be determined by the Administration by reg-
15 ulation or otherwise.
16 ‘‘(5) COMMITMENT CONDITIONS.—
17 ‘‘(A) IN GENERAL.—As a condition of re-
18 ceiving a commitment under the facility, not
19 less than 50 percent of amounts invested by the
20 participating investment company shall be in-
21 vested in eligible small business concerns.
22 ‘‘(B) EXAMINATIONS.—In addition to the
23 matters set forth in section 310(c), the Admin-
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24 istration shall examine each participating in-
25 vestment company in such detail so as to deter-
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1 mine whether the participating investment com-
2 pany has complied with the requirements under
3 this subsection.
4 ‘‘(f) DISTRIBUTIONS AND FEES.—
5 ‘‘(1) DISTRIBUTION REQUIREMENTS.—
6 ‘‘(A) DISTRIBUTIONS.—As a condition of
7 receiving a commitment under the facility, a
8 participating investment company shall make
9 all distributions to the Administrator in the
10 same form and in a manner as are made to in-
11 vestors, or otherwise at a time and in a manner
12 consistent with regulations or policies of the
13 Administration.
14 ‘‘(B) ALLOCATIONS.—A participating in-
15 vestment company shall make allocations of in-
16 come, gain, loss, deduction, and credit to the
17 Administrator with respect to any outstanding
18 bonds as if the Administrator were an investor.
19 ‘‘(2) FEES.—The Administrator may not
20 charge fees for participating investment companies
21 other than examination fees that are consistent with
22 the license of the participating investment company.
23 ‘‘(3) BIFURCATION.—Losses on bonds issued by
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24 participating investment companies shall not be off-
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1 set by fees or any other charges on debenture small
2 business investment companies.
3 ‘‘(g) PROTÉGÉ PROGRAM.—The Administrator shall
4 establish a pathway-protégé program in which a protégé
5 investment company may receive technical assistance and
6 program support from a participating investment company
7 on a voluntary basis and without penalty for non-partici-
8 pation.
9 ‘‘(h) LOSS LIMITING FUND.—
10 ‘‘(1) IN GENERAL.—There is established in the
11 Treasury a fund for making commitments and pur-
12 chasing bonds with equity features under the facility
13 and receiving capital returned by participating in-
14 vestment companies.
15 ‘‘(2) USE OF FUNDS.—Amounts appropriated
16 to the Fund or deposited in the Fund under para-
17 graph (3) shall be available to the Administrator,
18 without further appropriation, for making commit-
19 ments and purchasing bonds under the facility and
20 expenses and payments, excluding administrative ex-
21 penses, relating to the operations of the Adminis-
22 trator under the facility.
23 ‘‘(3) DEPOSITING OF AMOUNTS.—
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24 ‘‘(A) IN GENERAL.—All amounts received
25 by the Administrator from a participating in-
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1 vestment company relating to the facility, in-
2 cluding any moneys, property, or assets derived
3 by the Administrator from operations in con-
4 nection with the facility, shall be deposited in
5 the Fund.
6 ‘‘(B) PERIOD OF AVAILABILITY.—Amounts
7 deposited under subparagraph (A) shall remain
8 available until expended.
9 ‘‘(i) APPLICATION OF OTHER SECTIONS.—To the ex-
10 tent not inconsistent with requirements under this section,
11 the Administrator may apply sections 309, 311, 312, 313,
12 and 314 to activities under this section and an officer, di-
13 rector, employee, agent, or other participant in a partici-
14 pating investment company shall be subject to the require-
15 ments under such sections.
16 ‘‘(j) AUTHORIZATION OF APPROPRIATIONS.—There
17 is authorized to be appropriated for the first fiscal year
18 beginning after the date of enactment of this section
19 $10,000,000,000 to carry out the facility. Amounts appro-
20 priated pursuant to this subsection shall remain available
21 until the end of the second fiscal year beginning after the
22 date of enactment of this section.’’.
23 (b) APPROVAL OF BANK-OWNED, NON-LEVERAGED
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24 APPLICANTS.—Section 301(c)(2) of the Small Business
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1 Investment Act of 1958 (15 U.S.C. 681(c)(2)) is amend-
2 ed—
3 (1) in subparagraph (B), in the matter pre-
4 ceding clause (i), by striking ‘‘Within’’ and inserting
5 ‘‘Except as provided in subparagraph (C), within’’;
6 and
7 (2) by adding at the end the following:
8 ‘‘(C) EXCEPTION FOR BANK-OWNED, NON-
9 LEVERAGED APPLICANTS.—Not later than 45
10 days after the date on which the Administrator
11 receives a completed application submitted by a
12 bank-owned, non-leveraged applicant in accord-
13 ance with this subsection, and in accordance
14 with such requirements as the Administrator
15 may prescribe by regulation, the Administrator
16 shall—
17 ‘‘(i) review the application in its en-
18 tirety; and
19 ‘‘(ii)(I) approve the application and
20 issue a license for such operation to the
21 applicant if the requirements of this sec-
22 tion are satisfied; or
23 ‘‘(II) disapprove the application and
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24 notify the applicant in writing of the dis-
25 approval.’’.
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1 (c) ELECTRONIC SUBMISSIONS.—Part A of title III
2 of the Small Business Investment Act of 1958 (15 U.S.C.
3 681 et seq.), as amended by subsection (a) of this section,
4 is amended by adding at the end the following:
5 ‘‘SEC. 322. ELECTRONIC SUBMISSIONS.
6 ‘‘The Administration shall permit any document sub-
7 mitted under this title, or pursuant to a regulation car-
8 rying out this title, to be submitted electronically, includ-
9 ing by permitting an electronic signature for any signature
10 that is required on such a document.’’.
11 SEC. 7. MINORITY BUSINESS DEVELOPMENT AGENCY.
12 (a) IN GENERAL.—There is within the Department
13 of Commerce the Minority Business Development Agency
14 (referred to in this section as the ‘‘Agency’’).
15 (b) ASSISTANT SECRETARY.—
16 (1) IN GENERAL.—The Agency shall be headed
17 by an Assistant Secretary of Commerce for Minority
18 Business Development, who shall be appointed by
19 the President.
20 (2) COMPENSATION.—The Assistant Secretary
21 of Commerce for Minority Business Development
22 shall be compensated at an annual rate of basic pay
23 prescribed for level IV of the Executive Schedule
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24 under section 5315 of title 5, United States Code.
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1 (c) DUTIES.—In addition to the functions, duties,
2 and programs carried out by the Agency, as of the day
3 before the date of enactment of this Act (including the
4 Business Center program of the Agency), the Agency
5 shall—
6 (1) promote and administer programs in the
7 public and private sectors that relate to the develop-
8 ment of minority business enterprises; and
9 (2) carry out programs that increase access to
10 capital and technology for, and provide assistance
11 with respect to the management of, minority busi-
12 ness enterprises.
13 (d) OFFICE OF AFRICAN AMERICAN AFFAIRS.—
14 (1) ESTABLISHMENT.—There is established
15 within the Agency the Office of African American
16 Affairs.
17 (2) DUTIES.—The Office of African American
18 Affairs established under paragraph (1) shall carry
19 out such functions, duties, and programs as the As-
20 sistant Secretary of Commerce for Minority Busi-
21 ness Development determines to be appropriate.
22 (e) TECHNICAL AND CONFORMING AMENDMENT.—
23 Section 5315 of title 5, United States Code, is amended,
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24 in the item relating to Assistant Secretaries of Commerce,
25 by striking ‘‘(11)’’ and inserting ‘‘(12)’’.
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1 SEC. 8. HRSA GRANT PROGRAM CONSIDERATION.
2 In awarding grants for which faith-based entities are
3 eligible, the Administrator of the Health Resources and
4 Services Administration shall give special consideration to
5 any application from an eligible entity that is located in
6 a qualified opportunity zone (as defined in section 1400Z–
7 1(a) of the Internal Revenue Code of 1986) or that serves
8 a community located in such a qualified opportunity zone.
9 SEC. 9. EXTENSION OF SUBSIDY FOR CERTAIN LOAN PAY-
10 MENTS.
11 (a) IN GENERAL.—Section 1112(c)(1) of the CARES
12 Act (15 U.S.C. 9011(c)(1)) is amended—
13 (1) in subparagraph (A), by striking ‘‘6-month’’
14 and inserting ‘‘12-month’’;
15 (2) in subparagraph (B), by striking ‘‘6-month’’
16 and inserting ‘‘12-month’’; and
17 (3) in subparagraph (C)—
18 (A) by striking ‘‘6 months’’ and inserting
19 ‘‘12 months’’; and
20 (B) by striking ‘‘6-month’’ and inserting
21 ‘‘12-month’’.
22 (b) EFFECTIVE DATE.—The amendments made by
23 subsection (a) shall take effect as if included in the enact-
24 ment of section 1112 of the CARES Act (15 U.S.C.
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25 9011).
Æ
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