S.1292 - HUBZone Revitalization Act of 2015114th Congress (2015-2016)
|Sponsor:||Sen. Vitter, David [R-LA] (Introduced 05/12/2015)|
|Committees:||Senate - Small Business and Entrepreneurship|
|Committee Reports:||S. Rept. 114-269|
|Latest Action:||Senate - 05/26/2016 By Senator Vitter from Committee on Small Business and Entrepreneurship filed written report. Report No. 114-269. (All Actions)|
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Summary: S.1292 — 114th Congress (2015-2016)All Information (Except Text)
Reported to Senate without amendment (06/10/2015)
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
HUBZone Revitalization Act of 2015
(Sec. 2) This bill amends the Small Business Act to redefine HUBZones (historically underutilized business Zones) eligible for certain assistance to include a qualified disaster area (a specified census tract or nonmetropolitan county located in a major declared disaster area or in an area where a catastrophic incident has occurred).
A qualified disaster area shall be treated as a HUBZone for 5 years after it has been declared a major disaster area or for 10 years after a catastrophic incident has occurred within it.
The Federal Emergency Management Agency shall provide the Small Business Administration with any data it needs to verify a small business's eligibility for the HUBZone small business loan program.
(Sec. 3) HUBZones shall now also include 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
- census tract contiguous with these census tracts.
This bill also amends the Consolidated Appropriations Act, 2005 to extend HUBZone eligibility assistance for base closure areas from five years to eight years after their closure.