S.1266 - HUBZone Expansion Act of 2015114th Congress (2015-2016)
|Sponsor:||Sen. Collins, Susan M. [R-ME] (Introduced 05/11/2015)|
|Committees:||Senate - Small Business and Entrepreneurship|
|Latest Action:||Senate - 05/11/2015 Read twice and referred to the Committee on Small Business and Entrepreneurship. (All Actions)|
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Summary: S.1266 — 114th Congress (2015-2016)All Information (Except Text)
Introduced in Senate (05/11/2015)
HUBZone Expansion Act of 2015
This bill amends the Small Business Act to expand the HUBZone (historically underutilized business zone) program of Small Business Administration loans to small businesses in HUBZone areas for communities affected by base realignment and closure.
The expansion includes the areas that can be used by small businesses whose principal offices are located in base closure HUBZones, with at least 35% of their employees residing in:
- a HUBZone,
- a census tract in which the base closure HUBZone is wholly contained,
- a census tract that intersects the boundaries of the base closure HUBZone, or
- a census tract contiguous with these census tracts.
HUBZone eligibility assistance for base closure areas is extended from five years to eight years after their closure.