H.R. 5006, IDEA Act of 2021
Summary
H.R. 5006, the IDEA Act of 2021, is a bill to establish a grant program to provide minority business enterprises access to entrepreneurship opportunities. Stevens introduced it in the House of Representatives on August 10, 2021, and it was referred to the Committee on Financial Services and, in addition, the Committee on Small Business. The National Director of the Minority Business Development Agency would provide grants to business accelerator entities of $1,000,000 each year for five consecutive years, with a Federal share not exceeding 75 percent. The text authorizes $25,000,000 for each of the fiscal years 2022 through 2026 and sets a fine or imprisonment for not more than one year for knowing misuse of grant funds.
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Cite this document
“H.R. 5006, IDEA Act of 2021.”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/bills-bills-117hr5006ih-bills-117hr5006ih/
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I
117TH CONGRESS
1ST SESSION
H. R. 5006
To establish a grant program to provide minority business enterprises access
to entrepreneurship opportunities, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
AUGUST 10, 2021
Ms. STEVENS introduced the following bill; which was referred to the Com-
mittee on Financial Services, and in addition to the Committee on Small
Business, for a period to be subsequently determined by the Speaker, in
each case for consideration of such provisions as fall within the jurisdic-
tion of the committee concerned
A BILL
To establish a grant program to provide minority business
enterprises access to entrepreneurship opportunities, 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 ‘‘Increasing and Devel-
5 oping Entrepreneurship Access Act of 2021’’ or the
6 ‘‘IDEA Act of 2021’’.
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1 SEC. 2. GRANTS TO PROVIDE MINORITY BUSINESS ENTER-
2 PRISES ACCESS TO ENTREPRENEURSHIP OP-
3 PORTUNITIES.
4 (a) ESTABLISHMENT.—Not later than 180 days after
5 the date of the enactment of this section, the National Di-
6 rector of the Minority Business Development Agency of
7 the Department of Commerce shall establish a program
8 to provide grants to business accelerator entities to pro-
9 vide entrepreneurship opportunities to minority business
10 enterprises.
11 (b) APPLICATION.—The National Director may pro-
12 vide a grant under this section to a business accelerator
13 entity only if the entity submits to the National Director
14 an application at such time, in such manner, and con-
15 taining such information as the National Director may
16 reasonably require.
17 (c) AMOUNT AND DURATION.—The amount of a
18 grant provided under this section shall be $1,000,000 each
19 year for five consecutive years.
20 (d) FEDERAL SHARE.—The Federal share of a grant
21 provided this section to a business accelerator entity may
22 not exceed 75 percent of the total amount of funds pro-
23 vided by the entity to carry out activities using grant
24 funds.
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25 (e) USE OF FUNDS.—
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1 (1) IN GENERAL.—A grant provided under this
2 section shall be used by a business accelerator entity
3 to provide—
4 (A) capital, including direct cash transfers
5 of grant funds, to minority business enterprises
6 in the region;
7 (B) networking programs that connect mi-
8 nority business enterprises to sources of capital
9 and innovation in the region; and
10 (C) any other assistance that the National
11 Director determines to be appropriate for mi-
12 nority business enterprises in the region.
13 (2) REGION DESCRIBED.—A region described in
14 this subsection is a region in which not less than 15
15 minority business enterprises with revenues not less
16 than $250,000 are located.
17 (f) REPORT.—The National Director shall submit to
18 Congress, for each fiscal year in which the Director pro-
19 vides grants under this section, a report on the program
20 established under this section, including—
21 (1) an identification of the number of grants
22 provided in such fiscal year and the total amount of
23 such grants;
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1 (2) an identification of the number of minority
2 business enterprises that have received assistance
3 from such entities in such fiscal year; and
4 (3) a description of any noncompliance by any
5 business accelerator entity and the amount of funds
6 such entity has received.
7 (g) MISDEMEANOR.—A business accelerator entity
8 that receives a grant under this section that knowingly
9 uses amounts under the grant for any purpose not other-
10 wise permitted under the program established by this sec-
11 tion or who knowingly attempts to do so, shall be fined
12 as provided in title 18, United States Code, or imprisoned
13 for not more than one year, or both.
14 (h) DEFINITIONS.—In this section:
15 (1) BUSINESS ACCELERATOR ENTITY.—The
16 term ‘‘business accelerator entity’’ means an entity
17 that—
18 (A) engages in a partnership with public or
19 private organizations that target minority busi-
20 ness enterprises;
21 (B) provides opportunities to scale minor-
22 ity owned business enterprises through seed in-
23 vestment or networking opportunities; or
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1 (C) offers start-up capital or opportunities
2 to raise capital from outside investors for mi-
3 nority business enterprises.
4 (2) MINORITY BUSINESS ENTERPRISE.—The
5 term ‘‘minority business enterprise’’ has the mean-
6 ing given such term in section 1108(a) of the
7 CARES Act (15 U.S.C. 9007(a)).
8 (3) NATIONAL DIRECTOR.—The term ‘‘National
9 Director’’ means the National Director of the Minor-
10 ity Business Development Agency of the Department
11 of Commerce.
12 (i) AUTHORIZATION OF APPROPRIATIONS.—There is
13 authorized to be appropriated to carry out this section
14 $25,000,000 for each of the fiscal years 2022 through
15 2026.
Æ
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