summary
Introduced
05/17/2017
05/17/2017
In Committee
05/17/2017
05/17/2017
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
115th Congress
Bill 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.
AI Summary
This bill, the Puerto Rico Small Business Assistance Act of 2017, aims to provide various forms of support and assistance to small businesses located in Puerto Rico. The key provisions of the bill include:
1. Increasing access to capital for microloan intermediaries that lend to Puerto Rico businesses by raising the loan limit and waiving certain requirements.
2. Temporarily reducing or eliminating fees on certain SBA loans and loan guarantees made to Puerto Rico businesses.
3. Establishing a new SBA loan guarantee program for small businesses in Puerto Rico, with increased guarantee levels.
4. Allowing more flexibility in the funding structure for 504 loan projects involving Puerto Rico businesses.
5. Providing contracting preferences and incentives for Puerto Rico businesses, including access to surplus federal property and additional mentor-protege program participation.
6. Creating a Veteran Business Outreach Center in Puerto Rico and a new FAST grant program to provide business assistance in Puerto Rico.
7. Requiring the SBA district office in Puerto Rico to report annually to Congress on its activities.
The bill's provisions are generally intended to be temporary, with most expiring on the termination date of the Oversight Board established for Puerto Rico under the Puerto Rico Oversight, Management, and Economic Stability Act.
Committee Categories
Business and Industry
Sponsors (41)
Nydia Velázquez (D)*,
Joyce Beatty (D),
Michael Capuano (D),
Kathy Castor (D),
Joaquin Castro (D),
Judy Chu (D),
David Cicilline (D),
Yvette Clarke (D),
Joseph Crowley (WFP),
Diana DeGette (D),
Sean Duffy (R),
Keith Ellison (D),
Eliot Engel (D),
Adriano Espaillat (D),
Ruben Gallego (D),
Jenniffer González (R),
Gene Green (D),
Alcee Hastings (D),
Steny Hoyer (D),
Hakeem Jeffries (D),
Joseph Kennedy (D),
Sander Levin (D),
Nita Lowey (D),
Thomas MacArthur (R),
Doris Matsui (D),
Donald McEachin (D),
Gregory Meeks (D),
Grace Meng (D),
Stephanie Murphy (D),
Frank Pallone (D),
Bill Pascrell (D),
Lucille Roybal-Allard (D),
Jan Schakowsky (D),
Bobby Scott (D),
José Serrano (D),
Terri Sewell (D),
Albio Sires (D),
Darren Soto (D),
Juan Vargas (D),
Maxine Waters (D),
Peter Welch (D),
Last Action
Referred to the House Committee on Small Business. (on 05/17/2017)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/115th-congress/house-bill/2488/all-info |
| BillText | https://www.congress.gov/115/bills/hr2488/BILLS-115hr2488ih.pdf |
| Bill | https://www.congress.gov/115/bills/hr2488/BILLS-115hr2488ih.pdf.pdf |
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