[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 414 Introduced in House (IH)]
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118th CONGRESS
1st Session
H. R. 414
To amend the Small Business Act to establish a rural manufacturing
forgivable loan program, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
January 20, 2023
Mr. Finstad (for himself, Ms. Craig, Mr. Amodei, Mr. Johnson of Ohio,
and Mr. Carter of Georgia) introduced the following bill; which was
referred to the Committee on Small Business, and in addition to the
Committee on Appropriations, for a period to be subsequently determined
by the Speaker, in each case for consideration of such provisions as
fall within the jurisdiction of the committee concerned
_______________________________________________________________________
A BILL
To amend the Small Business Act to establish a rural manufacturing
forgivable loan program, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Investing in Rural Manufacturing
Act''.
SEC. 2. RURAL MANUFACTURING LOANS.
(a) In General.--Section 7(a) of the Small Business Act (15 U.S.C.
636(a)) is amended--
(1) in paragraph (2)--
(A) in subparagraph (A), by striking ``and (F)''
and inserting ``(F), and (G)''; and
(B) by adding at the end the following new
subparagraph:
``(G) Participation in rural manufacturing loans.--
In an agreement to participate in a loan on a deferred
basis under paragraph (38), the participation by the
Administration shall be 100 percent.''; and
(2) by adding at the end the following new paragraph:
``(38) Rural manufacturing loans.--
``(A) In general.--The Administrator may guarantee
a loan made under this paragraph to a covered applicant
for the purpose of paying any eligible costs associated
with the development of a business concern that
manufactures goods essential to critical infrastructure
sectors in rural areas.
``(B) Application.--A covered applicant shall
submit an application for a loan under this paragraph
which shall include a comprehensive business plan that
includes a goal for the resulting number of jobs to be
created at the site that will be developed or expanded
with the proceeds of such loan.
``(C) Loan forgiveness.--A covered applicant shall
be eligible for forgiveness of any indebtedness on a
loan made under this paragraph as follows:
``(i) If the covered applicant has met 75
percent or more of the job creation goals of
the comprehensive business plan described in
subparagraph (B) not later than 5 years after
the date of origination of the loan.
``(ii) If the Administrator makes a
determination that the covered applicant only
used loan proceeds for eligible costs, the
covered applicant shall receive loan
forgiveness in an amount--
``(I) less than or equal to an
amount that is 50 percent of the total
financing amount specified by the
covered applicant; and
``(II) less than or equal to
maximum amount allowable under
paragraph (3)(A).
``(D) Identification of additional critical
infrastructure sectors.--
``(i) Study.--Not later than 180 days after
the date of enactment of this paragraph, the
Administrator shall complete a study to
identify any additional sectors to be included
in the definition of the term `critical
infrastructure sector' under this paragraph.
``(ii) Provision of loans prior to
completion of study.--The Administrator may
guarantee a loan made under this paragraph
before the completion of the study required
under clause (i).
``(iii) Additional critical infrastructure
sectors.--The Administrator may, at any time,
take such actions as are necessary to identify
additional sectors to be included in the
definition of the term `critical infrastructure
sector' under this paragraph.
``(E) Definitions.--In this paragraph:
``(i) Covered applicant.--The term `covered
applicant' means a business that--
``(I) has a site located in rural
area industrial park, manufactures
goods that are essential to critical
infrastructure sectors at such site,
and intends to expand such site for
purposes of employing a larger
workforce at such site; or
``(II) is developing a site located
in a rural area industrial park to
manufacture goods that are essential to
critical infrastructure sectors at such
site.
``(ii) Critical infrastructure sector.--The
term `critical infrastructure sector' means--
``(I) each of the 16 critical
infrastructure sectors designated in
Presidential Policy Directive 21,
titled `Critical Infrastructure
Security and Resilience' and published
on February 12, 2013;
``(II) any additional sectors
identified pursuant to section 9002 of
the National Defense Authorization Act
for Fiscal Year 2021 (6 U.S.C. 652a);
and
``(III) any additional sectors
identified by the Administrator
pursuant to subparagraph (D).
``(iii) Eligible costs.--The term `eligible
costs' means--
``(I) payroll, construction,
permitting, and other capital costs
associated with--
``(aa) the development of a
site located in a rural area
industrial park for a business
that manufactures goods that
are essential to critical
infrastructure sectors at such
site; and
``(bb) the expansion of
such a site for purposes of
employing a larger workforce at
such site; and
``(II) any other costs the
Administrator determines to be
appropriate.''.
(b) Authorization of Appropriations.--There is authorized to be
appropriated to the Administrator of the Small Business Administration
$2,000,000,000, which shall be authorized to remain available until
expended, to carry out paragraph (38) of section 7(a) of the Small
Business Act (15 U.S.C. 636(a)), as added by subsection (a).
(c) Rescission.--Of the unobligated balances of amounts made
available under the heading ``Small Business Administration--Business
Loans Program Account, CARES Act'', for carrying out paragraphs (36)
and (37) of section 7(a) of the Small Business Act (15 U.S.C. 636(a)),
$2,000,000,000 are hereby rescinded.
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