HR 225
116th 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 2019
Introduced: January 3, 2019
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
Jan 3, 2019
Referred to the House Committee on Small Business.
Jan 3, 2019
Introduced in House
Plain-English summary
Puerto Rico Small Business Assistance Act of 2019
This bill expands funding and support for small businesses that have their principal office in Puerto Rico.
Specifically, the bill
- increases 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;
- waives 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
- requires the Government Accountability Office to report on intermediary participation;
- reduces or eliminates SBA fees on certain loans to such businesses; and
- gives federal contract preference to such businesses.
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.
What's happening now
Referred to the House Committee on Small Business.
Committees of jurisdiction
1