HR 2488
115th Congress
House
Commerce
Border security and unlawful immigration
Business education
Caribbean area
Congressional oversight
Criminal justice information and records
Foreign labor
Government lending and loan guarantees
Government studies and investigations
Immigration status and procedures
Interest, dividends, interest rates
Public contracts and procurement
Puerto Rico
Small Business Administration
Small business
User charges and fees
Veterans' education, employment, rehabilitation
Puerto Rico Small Business Assistance Act of 2017
Introduced: May 17, 2017
Introduced by:
Velázquez, Nydia M.
Democratic
· New York
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 17, 2017
Referred to the House Committee on Small Business.
May 17, 2017
Introduced in House
Plain-English summary
Puerto Rico Small Business Assistance Act of 2017
This bill amends the Small Business Act regarding small businesses that have their principal office in Puerto Rico, including to temporarily:
- increase the total amount of loans outstanding and committed to any microloan intermediary if at least 20% of the intermediary's loans are made to such businesses;
- waive the Small Business Administration (SBA) Microloan Program's limit on an intermediary's spending on technical assistance for prospective borrowers if 25% of the intermediary's loans are made to these businesses;
- reduce or eliminate SBA fees on certain loans to such businesses; and
- give federal contract preference to such businesses, transfer specified technology or surplus property to them, and provide subcontracting incentives for their protege firms.
The SBA shall establish: (1) a Veteran Business Outreach Center in Puerto Rico, and (2) a temporary Federal and State Technology (FAST) grant program to provide assistance to Puerto Rico businesses.
The SBA district office in Puerto Rico must temporarily report annually to Congress and the SBA on its activities in Puerto Rico.
What's happening now
Referred to the House Committee on Small Business.
Committees of jurisdiction
1