,,ii #aaf? ,,congress #b;d ,session ,s4 #ejaa ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,decemb] #aa1 #bjbj,mrs4 ,loeffl] 7= h]self1 ,mr4 ,crapo1 & ,mr4 ,rubio7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,f9ance ,a ,,bill ,to codify ! ,m9ority ,bus9ess ,developm5t ,ag5cy ( ! ,dep>tm5t ( ,comm]ce1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,economic ,emp[]m5t = ,und]s]v$ ,communities ,act4 #b4 ,purposes ,! purposes ( ?is ,act1 & ! am5dm5ts made by ?is ,act1 are to-- 7#a7 ensure t und]s]v$ communities h access to capital to promote economic revitalization2 7#b7 respond to ! unprec$5t$ loss ( jobs & m9ority-own$ bus9esses z a result ( ! ,,covid-#ai p&emic2 & 7#c7 fur!r enc\rage long-t]m inve/m5ts 9 l[-income & m9ority communities4 #c4 ,support+ ! ,,cdfi ,fund 7a7 ,appropriations ,( ! am\nts made available to ! ,secret>y ( ! ,treasury "u section #djbg ( ! ,,c>es ,act 7#ae ,u4,s4,c4 #ijfa71 #g1jjj1jjj1jjj %all be made available to ! ,fund to c>ry out ?is section4 7b7 ,set asides ,( ! am\nts made available "u subsection 7a71 ! foll[+ am\nts %all be set aside3 7#a7 ,up to #a1jjj1jjj1jjj1 to rema9 available until ,septemb] #cj1 #bjbb1 to support1 prep>e =1 & respond to ! economic impact ( ! coronavirus1 provid$ t ! ,fund %all-- 7,a7 provide grants fund$ "u ?is p>agraph us+ a =mula t takes into acc\nt crit]ia su* z c]tification /atus1 f9ancial & compliance p]=mance1 portfolio & balance %eet /r5g?1 a div]sity ( ,,cdfi bus9ess model types1 & program capacity1 ( :i* n less ?an #cj1jjj1jjj may be = grants to b5efit ,native ,am]ican1 ,native ,hawaiian1 & ,alaska ,native communities2 & 7,b7 make funds available "u ?is p>agraph n lat] ?an #fj days aft] ! date ( enactm5t ( ?is ,act4 7#b7 ,up to #d1jjj1jjj1jjj1 to rema9 available until ,septemb] #cj1 #bjbe1 to provide grants to ,c,d,f,is-- 7,a7 to exp& l5d+ or inve/m5t activity 9 l[- or mod]ate-income m9ority communities & to m9orities t h significant unmet capital or f9ancial s]vices ne$s2 & 7,b7 us+ a =mula t takes into acc\nt crit]ia su* z c]tification /atus1 f9ancial & compliance p]=mance1 portfolio & balance %eet /r5g?1 a div]sity ( ,,cdfi bus9ess model types1 & program capacity1 z well z exp]i5ce mak+ loans & inve/m5ts to ^? areas & populations id5tifi$ 9 ?is p>agraph4 7#c7 ,up to #ejj1jjj1jjj1 to rema9 available until exp5d$1 = te*nical assi/ance1 te*nology1 & tra9+ "u sections #ajh7;a77#a77;,b7 & #aji1 respectively1 ( ! ,community ,developm5t ,bank+ & ,f9ancial ,in/itutions ,act ( #aiid 7#ab ,u4,s4,c4 #dgjg7;a77#a77;,b71 #dgjh71 ) a pref]5ce = m9ority-l$ & m9ority-own$ ,c,d,f,is t prim>ily s]ve l[- & mod]ate-income communities4 7#d7 ,up to #ejj1jjj1jjj1 to rema9 available until exp5d$1 to provide grants to recipi5ts t are m9ority-l$ & m9ority-own$ ,c,d,f,is4 7c7 ,adm9i/rative exp5ses ,funds made available "u ?is section may be us$ = adm9i/rative exp5ses1 includ+ adm9i/ration ( ,fund programs & ! ,new ,m>kets ,tax ,cr$it ,program "u section #de;,d ( ! ,int]nal ,rev5ue ,code ( #aihf4 7d7 ,em]g5cy designation 7#a7 ,9 g5]al ,! am\nts provid$ "u ?is section are designat$ z an em]g5cy requirem5t pursuant to section #d7;g7 ( ! ,/atutory ,pay-,z-,y-,g ,act ( #bjaj 7#b ,u4,s4,c4 #icc7;g774 7#b7 ,designation 9 s5ate ,9 ! ,s5ate1 ?is section is designat$ z an em]g5cy requirem5t pursuant to section #daab7;a7 ( ,h4 ,con4 ,res4 #ga 7#aae? ,congress71 ! concurr5t resolution on ! budget = fiscal ye> #bjah4 7e7 ,def9itions ,9 ?is section3 7#a7 ,,cdfi ,! t]m ,,cdfi means a community developm5t f9ancial in/itution1 z def9$ 9 section #ajc ( ! ,community ,developm5t ,bank+ & ,f9ancial ,in/itutions ,act ( #aiid 7#ab ,u4,s4,c4 #dgjb74 7#b7 ,fund ,! t]m ,fund means ! ,community ,developm5t ,f9ancial ,in/itutions ,fund e/abli%$ "u section #ajd7;a7 ( ! ,community ,developm5t ,bank+ & ,f9ancial ,in/itutions ,act ( #aiid 7#ab ,u4,s4,c4 #dgjc7;a774 7#c7 ,m9ority ,! t]m m9ority means any ,black ,am]ican1 ,native ,am]ican1 ,hispanic ,am]ican1 or ,asian ,am]ican4 #d4 ,p]man5t ext5sion ( new m>kets tax cr$it 7a7 ,ext5sion 7#a7 ,9 g5]al ,subp>agraph 7,h7 ( section #de;,d7f77#a7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ & ea* cal5d> ye> !reaft] aft] = #bjbj4 7#b7 ,con=m+ am5dm5t ,section #de;,d7f77#c7 ( su* ,code is am5d$ by /rik+ ! la/ s5t5ce4 7b7 ,inflation adju/m5t ,subsection 7f7 ( section #de;,d ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new p>agraph3 7#d7 ,inflation adju/m5t 7,a7 ,9 g5]al ,9 ! case ( any cal5d> ye> beg9n+ aft] #bjbj1 ! doll> am\nt 9 p>agraph 7#a77;,g7 %all be increas$ by an am\nt equal to-- 7i7 su* doll> am\nt1 multipli$ by 7ii7 ! co/-(-liv+ adju/m5t det]m9$ "u section #a7;f77#c7 = ! cal5d> ye>1 det]m9$ by sub/itut+ cal5d> ye> #bjai = cal5d> ye> #bjaf 9 subp>agraph 7,a77ii7 !re(4 7,b7 ,r\nd+ rule ,any increase "u subp>agraph 7,a7 :i* is n a multiple ( #a1jjj1jjj %all be r\nd$ to ! ne>e/ multiple ( #a1jjj1jjj4 4 7c7 ,alt]native m9imum tax relief ,subp>agraph 7,b7 ( section #ch7;c77#d7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$-- 7#a7 by r$esignat+ clauses 7vii7 ?r\gh 7xii7 z clauses 7viii7 ?r\gh 7xiii71 respectively1 & 7#b7 by ins]t+ aft] clause 7vi7 ! foll[+ new clause3 7vii7 ! cr$it det]m9$ "u section #de;,d1 b only ) respect to cr$its det]m9$ ) respect to qualifi$ equity inve/m5ts 7z def9$ 9 section #de;,d7b77 initially made aft] ,decemb] #ca1 #bjai1 4 7d7 ,effective dates 7#a7 ,9 g5]al ,except z provid$ 9 p>agraph 7#b71 ! am5dm5ts made by ?is section %all apply to taxable ye>s beg9n+ aft] ,decemb] #ca1 #bjai4 7#b7 ,alt]native m9imum tax relief ,! am5dm5ts made by subsection 7c7 %all apply to cr$its det]m9$ ) respect to qualifi$ equity inve/m5ts 7z def9$ 9 section #de;,d7b7 ( ! ,int]nal ,rev5ue ,code ( #aihf7 initially made aft] ,decemb] #ca1 #bjbj4 #e4 ,opportunity zone program repres5tatives ,section #d ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcc7 is am5d$ by add+ at ! end ! foll[+3 7i7 ,opportunity zone program repres5tatives 7#a7 ,9 g5]al ,! ,adm9i/rator1 ?r\gh ea* di/rict (fice ( ! ,adm9i/ration1 small bus9ess developm5t c5t]1 wom5's bus9ess c5t] describ$ 9 section #bi1 *apt] ( ! ,s]vice ,corps ( ,retir$ ,executives au?oriz$ by section #h7;b77#a71 & ,vet]an ,bus9ess ,outrea* ,c5t] describ$ 9 section #cb1 %all tra9 & educate field repres5tatives on inve/m5ts 9 areas t h be5 designat$ z qualifi$ opportunity zones "u section #adjj,z-#a ( ! ,int]nal ,rev5ue ,code ( #aihf4 7#b7 ,duties ,a field repres5tative tra9$ "u p>agraph 7#a7 %all-- 7,a7 s]ve z a po9t ( contact = que/ions & res\rces on ! inve/m5ts describ$ 9 p>agraph 7#a7 = ! area s]v$ by ! di/rict (fice1 small bus9ess developm5t c5t]1 wom5's bus9ess c5t]1 *apt] ( ! ,s]vice ,corps ( ,retir$ ,executives1 & ,vet]an ,bus9ess ,outrea* ,c5t]1 z applicable2 7,b7 educate elect$ lead]s )9 su* area on ^? inve/m5ts2 & 7,c7 hold an annual sem9> 9 ea* ,/ate to educate manag]s ( qualifi$ opportunity funds 7z def9$ 9 section #adjj,z-#b7;d7 ( ! ,int]nal ,rev5ue ,code ( #aihf71 qualifi$ opportunity zone bus9esses 7z def9$ 9 su* section71 ,/ate & local gov]nm5t (ficials1 acc\ntants1 lawy]s1 & o!r int]e/$ p]sons on h[ to b5efit f su* inve/m5ts4 7#c7 ,report 7,a7 ,9 g5]al ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is subsection1 & annually !reaft] ?r\gh #bjbf1 ! director ( ea* regional (fice ( ! ,adm9i/ration %all submit to ! ,adm9i/rator a report on ! success ( ! ef=ts ( ! field repres5tatives tra9$ "u p>agraph 7#a71 includ+ any problems fac$ by1 & be/ practices (1 ! field repres5tatives4 7,b7 ,submission by ,adm9i/rator ,! ,adm9i/rator %all submit ea* report receiv$ "u subp>agraph 7,a7 to ! ,committee on ,small ,bus9ess & ,entrepr5eur%ip ( ! ,s5ate & ! ,committee on ,small ,bus9ess ( ! ,h\se ( ,repres5tatives4 4 #f4 ,small bus9ess inve/m5t company program 7a7 ,9 g5]al ,"p ,a ( title ,,iii ( ! ,small ,bus9ess ,inve/m5t ,act ( #aieh 7#ae ,u4,s4,c4 #fha et seq47 is am5d$-- 7#a7 9 section #cjb7;a7 7#ae ,u4,s4,c4 #fhb7;a77-- 7,a7 9 p>agraph 7#a7-- 7i7 9 subp>agraph 7,a71 by /rik+ or at ! end2 7ii7 9 subp>agraph 7,b71 by /rik+ ! p]iod at ! end & ins]t+ 2 or2 & 7iii7 by add+ at ! end ! foll[+3 7,c7 #bj1jjj1jjj1 adju/$ e #e ye>s = inflation1 ) respect to ea* lic5see au?oriz$ or seek+ au?ority to sell bonds to ,adm9i/ration z a p>ticipat+ inve/m5t company "u section #cba4 2 & 7#b7 by add+ at ! end ! foll[+3 #cba4 ,small bus9ess & dome/ic production recov]y inve/m5t facility 7a7 ,def9itions ,9 ?is section3 7#a7 ,cov]$ population c5sus tract ,! t]m cov]$ population c5sus tract means a population c5sus tract = :i*-- 7,a7 9 ! case ( a tract t is n locat$ )9 a metropolitan area1 ! m$ian income does n exce$ #hj p]c5t ( ! /atewide 7or1 ) respect to a possession or t]ritory ( ! ,unit$ ,/ates1 ! possession- or t]ritory-wide7 m$ian family income2 or 7,b7 9 ! case ( a tract t is locat$ )9 a metropolitan area1 ! m$ian family income does n exce$ #hj p]c5t ( ! great] ( ! /atewide 7or1 ) respect to a possession or t]ritory ( ! ,unit$ ,/ates1 ! possession- or t]ritory-wide7 m$ian family income & ! metropolitan area m$ian family income4 7#b7 ,eligible small bus9ess conc]n ,! t]m eligible small bus9ess conc]n-- 7,a7 means a small bus9ess conc]n t-- 7i7 7,i7 except z provid$ 9 subclauses 7,,ii71 7,,iii71 & 7,,iv71 _h gross receipts dur+ ! fir/ or second qu>t] 9 #bjbj t are n less ?an #ej p]c5t less ?an ! gross receipts ( ! entity dur+ ! same qu>t] 9 #bjai2 7,,ii7 if ! entity 0 n 9 bus9ess dur+ ! fir/ or second qu>t] ( #bjai1 b 0 9 bus9ess dur+ ! ?ird & f\r? qu>t] ( #bjai1 _h gross receipts dur+ ! fir/ or second qu>t] ( #bjbj t are less ?an #ej p]c5t ( ! am\nt ( ! gross receipts ( ! entity dur+ ! ?ird or f\r? qu>t] ( #bjai2 7,,iii7 if ! entity 0 n 9 bus9ess dur+ ! fir/1 second1 or ?ird qu>t] ( #bjai1 b 0 9 bus9ess dur+ ! f\r? qu>t] ( #bjai1 _h gross receipts dur+ ! fir/ or second qu>t] ( #bjbj t are less ?an #ej p]c5t ( ! am\nt ( ! gross receipts ( ! entity dur+ ! f\r? qu>t] ( #bjai2 or 7,,iv7 if ! entity 0 n 9 bus9ess dur+ #bjai1 b 0 9 op]ation on ,febru>y #ae1 #bjbj1 _h gross receipts dur+ ! second qu>t] ( #bjbj t are less ?an #ej p]c5t ( ! am\nt ( ! gross receipts ( ! entity dur+ ! fir/ qu>t] ( #bjbj2 7ii7 is a manufactur+ bus9ess t is assign$ a ,nor? ,am]ican ,indu/ry ,classification ,sy/em code beg9n+ ) #ca1 #cb1 or #cc at ! "t at :i* ! small bus9ess conc]n receives an inve/m5t f a p>ticipat+ inve/m5t company "u ! facility2 or 7iii7 is locat$ 9 a small bus9ess l[-income c5sus tract2 & 7,b7 does n include-- 7i7 an issu]1 ! securities ( :i* are li/$ on an ex*ange regi/]$ a national securities ex*ange "u section #f ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;f72 7ii7 any entity t-- 7,i7 is a type ( bus9ess conc]n describ$ 9 p>agraph 7b71 7c71 7d71 7e71 7f71 7h71 7l71 7m71 7p71 7q71 7r71 or 7s7 ( section #abj4aaj ( title #ac1 ,code ( ,f$]al ,regulations1 or any successor regulation2 7,,ii7 is a type ( bus9ess conc]n describ$ 9 section #abj4aaj7;g7 ( title #ac1 ,code ( ,f$]al ,regulations1 or any successor regulation1 except z o!rwise provid$ 9 ! int]im f9al rule ( ! ,adm9i/ration entitl$ ,bus9ess ,loan ,program ,tempor>y ,*anges2 ,pay*eck ,protection ,program--,additional ,eligibility ,crit]ia & ,requirem5ts = ,c]ta9 ,pl$ges ( ,loans 7#he ,f$4 ,reg4 #bagdg 7,april #bj1 #bjbj772 7,,iii7 is a type ( bus9ess conc]n describ$ 9 section #abj4aaj7;i7 ( title #ac1 ,code ( ,f$]al ,regulations1 or any successor regulation1 except if-- 7aa7 ! bus9ess conc]n is describ$ 9 section #eja7;c77#f7 ( ! ,int]nal ,rev5ue ,code & t is exempt f taxation "u section #eja7;a7 ( su* ,code 7exclud+ pr(essional football leagues & organizations ) ! purpose ( promot+ or p>ticipat+ 9 a political campaign or o!r activity72 7bb7 ! bus9ess conc]n does n receive m ?an #aj p]c5t ( its receipts f lobby+ activities2 7cc7 ! lobby+ activities ( ! bus9ess conc]n d n comprise m ?an #aj p]c5t ( ! total activities ( ! bus9ess conc]n2 & 7dd7 ! bus9ess conc]n employs n m ?an #cjj employees2 7,,iv7 is a type ( bus9ess conc]n describ$ 9 section #abj4aaj7;j7 ( title #ac1 ,code ( ,f$]al ,regulations1 or any successor regulation1 except z o!rwise provid$ 9 ! int]im f9al rules ( ! ,adm9i/ration entitl$ ,bus9ess ,loan ,program ,tempor>y ,*anges2 ,pay*eck ,protection ,program--,eligibility ( ,c]ta9 ,electric ,coop]atives 7#he ,f$4 ,reg4 #bihdg 7,may #ai1 #bjbj77 & ,bus9ess ,loan ,program ,tempor>y ,*anges2 ,pay*eck ,protection ,program--,eligibility ( ,c]ta9 ,telephone ,coop]atives 7#he ,f$4 ,reg4 #ceeej 7,june #aa1 #bjbj77 or any o!r guidance or rule issu$ or t may be issu$ by ! ,adm9i/rator2 7,v7 is a type ( bus9ess conc]n describ$ 9 section #abj4aaj7n7 ( title #ac1 ,code ( ,f$]al ,regulations1 or any successor regulation1 except z o!rwise provid$ 9 ! int]im f9al rule ( ! ,adm9i/ration entitl$ ,bus9ess ,loan ,program ,tempor>y ,*anges2 ,pay*eck ,protection ,program--,additional ,eligibility ,revisions to ,fir/ ,int]im ,f9al ,rule 7#he ,f$4 ,reg4 #chcja 7,june #bf1 #bjbj77 or any o!r guidance or rule issu$ or t may be issu$ by ! ,adm9i/rator2 7,,vi7 is a type ( bus9ess conc]n describ$ 9 section #abj4aaj7o7 ( title #ac1 ,code ( ,f$]al ,regulations1 or any successor regulation1 except z o!rwise provid$ 9 any guidance or rule issu$ or t may be issu$ by ! ,adm9i/rator2 7,,vii7 is an entity t is organiz$ = rese>* or = engag+ 9 advocacy 9 areas su* z public policy or political /rategy or o!rwise describes itself z a ?9k tank 9 any public docum5ts2 7,,viii7 is an entity t w\ld be describ$ 9 ! provisions li/$ 9 subclauses 7,i7 ?r\gh 7,,vii7 if ! entity 7 a bus9ess conc]n2 or 7,,ix7 is assign$1 or 0 approv$ = a loan "u section #g7;a77#cf7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77 )1 a ,nor? ,am]ican ,indu/ry ,classification ,sy/em code beg9n+ ) #eb2 7iii7 any bus9ess conc]n or entity prim>ily engag$ 9 political or lobby+ activities1 includ+ any entity t is organiz$ = rese>* or = engag+ 9 advocacy 9 areas su* z public policy or political /rategy or o!rwise describes itself z a ?9k tank 9 any public docum5ts2 or 7iv7 any bus9ess conc]n or entity-- 7,i7 = :i* an entity creat$ 9 or organiz$ "u ! laws ( ! ,p's ,republic ( ,*9a or ! ,special ,adm9i/rative ,region ( ,hong ,kong1 or t has significant op]ations 9 ! ,p's ,republic ( ,*9a or ! ,special ,adm9i/rative ,region ( ,hong ,kong1 owns or holds1 directly or indirectly1 n less ?an #bj p]c5t ( ! economic int]e/ ( ! bus9ess conc]n or entity1 includ+ z equity %>es or a capital or pr(it int]e/ 9 a limit$ liability company or p>tn]%ip2 or 7,,ii7 t reta9s1 z a memb] ( ! bo>d ( directors ( ! bus9ess conc]n1 a p]son :o is a resid5t ( ! ,p's ,republic ( ,*9a4 7#c7 ,facility ,! t]m facility means ! facility e/abli%$ "u subsection 7b74 7#d7 ,fund ,! t]m ,fund means ! fund e/abli%$ "u subsection 7h74 7#e7 ,p>ticipat+ inve/m5t company ,! t]m p>ticipat+ inve/m5t company means a small bus9ess inve/m5t company approv$ "u subsection 7d7 to p>ticipate 9 ! facility4 7#f7 ,protg inve/m5t company ,! t]m protg inve/m5t company means a small bus9ess inve/m5t company t-- 7,a7 is majority manag$ by new1 inexp]i5c$1 or o!rwise und]repres5t$ fund manag]s2 & 7,b7 elects & is select$ by ! ,adm9i/ration to p>ticipate 9 ! pa?way-protg program "u subsection 7g74 7#g7 ,small bus9ess conc]n ,! t]m small bus9ess conc]n has ! mean+ giv5 ! t]m 9 section #c7;a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcb7;a774 7#h7 ,small bus9ess l[-income c5sus tract ,! t]m small bus9ess l[-income c5sus tract-- 7,a7 means-- 7i7 a cov]$ population c5sus tract = :i* ! pov]ty rate is n less ?an #bj p]c5t2 or 7ii7 an area-- 7,i7 t is n tract$ z a population c5sus tract2 7,,ii7 = :i* ! pov]ty rate 9 ! equival5t c\nty division 7z def9$ by ! ,bureau ( ! ,c5sus7 is n less ?an #bj p]c5t2 & 7,,iii7 = :i* ! m$ian income 9 ! equival5t c\nty division 7z def9$ by ! ,bureau ( ! ,c5sus7 does n exce$ #hj p]c5t ( ! /atewide 7or1 ) respect to a possession or t]ritory ( ! ,unit$ ,/ates1 ! possession- or t]ritory-wide7 m$ian income2 & 7,b7 does n include any area or population c5sus tract ) a m$ian family income t is n less ?an #abj p]c5t ( ! m$ian family income 9 ! ,unit$ ,/ates1 accord+ to ! mo/ rec5t ,am]ican ,communities ,survey data f ! ,bureau ( ! ,c5sus4 7b7 ,e/abli%m5t 7#a7 ,facility ,! ,adm9i/rator %all e/abli% & c>ry out a facility to improve ! recov]y ( eligible small bus9ess conc]ns f ! ,,covid-#ai p&emic1 increase resili5cy 9 ! manufactur+ supply *a9 ( eligible small bus9ess conc]ns1 & increase ! economic developm5t ( small bus9ess l[-income c5sus tracts by provid+ f9ancial assi/ance to p>ticipat+ inve/m5t companies t facilitate equity f9anc+s to eligible small bus9ess conc]ns 9 accordance ) ?is section4 7#b7 ,adm9i/ration ( facility ,! facility %all be adm9i/]$ by ! ,adm9i/rator act+ ?r\gh ! ,associate ,adm9i/rator describ$ 9 section #bja4 7c7 ,applications 7#a7 ,9 g5]al ,any small bus9ess inve/m5t company may submit to ! ,adm9i/rator an application to p>ticipate 9 ! facility4 7#b7 ,requirem5ts = application ,an application to p>ticipate 9 ! facility %all include ! foll[+3 7,a7 ,a bus9ess plan describ+ h[ ! applicant int5ds to make successful equity inve/m5ts 9 eligible small bus9ess conc]ns4 7,b7 ,in=mation reg>d+ ! relevant inve/m5t qualifications & backgr\nds ( ! individuals responsible = ! managem5t ( ! applicant4 7,c7 ,a description ( ! ext5t to :i* ! applicant meets ! selection crit]ia "u subsection 7d77#b74 7#c7 ,exceptions to application = new lic5sees ,n lat] ?an #ij days aft] ! date ( enactm5t ( ?is section1 ! ,adm9i/rator %all r$uce requirem5ts = applicants apply+ to op]ate z a p>ticipat+ inve/m5t company "u ?is section 9 ord] to enc\rage ! p>ticipation ( new small bus9ess inve/m5t companies 9 ! facility "u ?is section1 :i* may include ! requirem5ts e/abli%$ "u "p #ajg ( title #ac1 ,code ( ,f$]al ,regulations1 or any successor regulations1 relat+ to-- 7,a7 ! approval ( initial managem5t exp5ses2 7,b7 ! managem5t own]%ip div]sity requirem5t2 7,c7 ! disclosure ( g5]al comp5satory practices & fee /ructures2 or 7,d7 any o!r requirem5t t ! ,adm9i/rator det]m9es to be an ob/acle to a*iev+ ! purposes describ$ 9 ?is p>agraph4 7d7 ,selection ( p>ticipat+ inve/m5t companies 7#a7 ,det]m9ation 7,a7 ,9 g5]al ,except z provid$ 9 p>agraph 7#c71 n lat] ?an #fj days aft] ! date on :i* ! ,adm9i/rator receives an application "u subsection 7c71 ! ,adm9i/rator %all-- 7i7 make a f9al det]m9ation to approve or disapprove su* applicant to p>ticipate 9 ! facility2 & 7ii7 transmit ! det]m9ation to ! applicant 9 writ+4 7,b7 ,commitm5t am\nt ,except z provid$ 9 p>agraph 7#c71 at ! "t ( approval ( an applicant1 ! ,adm9i/rator %all make a det]m9ation ( ! am\nt ( ! commitm5t t may be aw>d$ to ! applicant "u ?is section4 7#b7 ,selection crit]ia ,9 mak+ a det]m9ation "u p>agraph 7#a71 ! ,adm9i/rator %all consid]-- 7,a7 ! probability t ! inve/m5t /rategy ( ! applicant w successfully repay any f9ancial assi/ance provid$ by ! ,adm9i/ration1 includ+ ! probability ( a return significantly 9 excess !re(2 7,b7 ! probability t ! inve/m5ts made by ! applicant w-- 7i7 provide capital to eligible small bus9ess conc]ns2 or 7ii7 create or pres]ve jobs 9 ! ,unit$ ,/ates2 7,c7 ! probability t ! applicant w meet ! objectives 9 ! bus9ess plan ( ! applicant1 includ+ ! f9ancial goals1 &1 if applicable1 ! pa?way-protg program 9 accordance ) subsection 7g72 & 7,d7 ! probability t ! applicant w assi/ eligible small bus9ess conc]ns 9 a*iev+ pr(itability4 7#c7 ,approval ( p>ticipat+ inve/m5t companies 7,a7 ,provisional approval 7i7 ,9 g5]al ,not)/&+ p>agraph 7#a71 ) respect to an application submitt$ by an applicant to op]ate z a p>ticipat+ inve/m5t company "u ?is section1 ! ,adm9i/rator may provide provisional approval = ! applicant 9 lieu ( a f9al det]m9ation ( approval & det]m9ation ( ! am\nt ( ! commitm5t "u t p>agraph4 7ii7 ,purpose ,! purpose ( a provisional approval "u clause 7i7 is to-- 7,i7 enc\rage applications f inve/m5t companies ) an inve/m5t m&ate f ! committ$ private m>ket capital ( ! inve/m5t company t does n con=m to ! requirem5ts describ$ 9 ?is section at ! "t ( application2 7,,ii7 all[ ! applicant to m effectively raise capital commitm5ts 9 ! private m>kets by ref]5c+ ! int5t ( ! ,adm9i/rator to aw>d ! applicant a commitm5t2 & 7,,iii7 all[ ! applicant to m precisely reque/ ! desir$ am\nt ( commitm5t p5d+ ! secur+ ( capital f private m>ket inve/ors4 7iii7 ,limit on p]iod ( ! "t ,! p]iod betwe5 a provisional approval "u clause 7i7 & ! f9al det]m9ation ( approval "u p>agraph 7#a7 %all n exce$ #ab mon?s4 7e7 ,commitm5ts & ,,sbic bonds 7#a7 ,9 g5]al ,! ,adm9i/rator may1 out ( am\nts available 9 ! ,fund1 pur*ase or commit to pur*ase f a p>ticipat+ inve/m5t company #a or m accru+ bonds t include equity features z describ$ 9 ?is subsection4 7#b7 ,bond t]ms ,a bond pur*as$ by ! ,adm9i/rator f a p>ticipat+ inve/m5t company "u ?is subsection %all h ! foll[+ t]ms & conditions3 7,a7 ,t]m & int]e/ 7i7 ,9 g5]al ,! bond %all be issu$ = a t]m ( n less ?an #ae ye>s & %all be> int]e/ at a rate det]m9$ by ! ,adm9i/rator ( n m ?an #b p]c5t4 7ii7 ,accrual ( int]e/ ,int]e/ on ! bond %all accrue & %all be payable 9 accordance ) subp>agraph 7,d74 7iii7 ,prepaym5t ,! bond %all be prepayable )\t p5alty aft] ! end ( ! #a-ye> p]iod beg9n+ on ! date on :i* ! bond 0 pur*as$4 7,b7 ,pr(its 7i7 ,9 g5]al ,! ,adm9i/ration %all be entitl$ to receive a %>e ( ! pr(its net ( any pr(it %>+ p]=mance comp5sation ( ! p>ticipat+ inve/m5t company equal to ! quoti5t obta9$ by divid+-- 7,i7 "o-?ird ( ! commitm5t t ! p>ticipat+ inve/m5t company is approv$ = "u subsection 7d72 by 7,,ii7 ! commitm5t approv$ "u subsection 7d7 plus ! regulatory capital ( ! p>ticipat+ inve/m5t company at ! "t ( approval "u t subsection4 7ii7 ,det]m9ation ( p]c5tage ,! %>e to :i* ! ,adm9i/ration is entitl$ "u clause 7i7-- 7,i7 %all be det]m9$ at ! "t ( approval "u subsection 7d72 & 7,,ii7 )\t ! approval ( ! ,adm9i/ration1 %all n be revis$1 includ+ to reflect subsequ5t di/ributions ( pr(its1 returns ( capital1 or repaym5ts ( bonds1 or o!rwise4 7,c7 ,pr(it %>+ p]=mance comp5sation 7i7 ,receipt by ,adm9i/ration ,! ,adm9i/ration %all receive a %>e ( pr(its ( n m ?an #b p]c5t1 :i* %all be deposit$ into ! ,fund & be available to make commitm5ts "u ?is subsection4 7ii7 ,receipt by manag]s ,! manag]s ( ! p>ticipat+ inve/m5t company may receive a maximum pr(it %>+ p]=mance comp5sation ( #be p]c5t m9us ! %>e ( pr(its paid to ! ,adm9i/ration "u clause 7i74 7,d7 ,prohibition on di/ributions ,no di/ributions on capital1 includ+ pr(it di/ributions1 %all be made by ! p>ticipat+ inve/m5t company to ! inve/ors or manag]s ( ! p>ticipat+ inve/m5t company until ! ,adm9i/ration has receiv$ paym5t ( all accru$ int]e/ on ! bond committ$ "u ?is section4 7,e7 ,repaym5t ( pr9cipal ,except z describ$ 9 subp>agraph 7,f71 repaym5ts ( pr9cipal ( ! bond ( a p>ticipat+ inve/m5t company %all be-- 7i7 made at ! same "t z returns ( private capital2 & 7ii7 9 am\nts equal to ! pro rata %>e ( ! ,adm9i/ration ( ! total am\nt be+ repaid or return$ at su* "t4 7,f7 ,liquidation or default ,^u any liquidation ev5t or default1 z def9$ by ! ,adm9i/ration1 any unpaid pr9cipal or accru$ int]e/ on ! bond %all-- 7i7 h a priority ov] all equity ( ! p>ticipat+ inve/m5t company2 & 7ii7 be paid be=e any return ( equity or any o!r di/ributions to ! inve/ors or manag]s ( ! p>ticipat+ inve/m5t company4 7#c7 ,am\nt ( commitm5ts & pur*ases 7,a7 ,maximum am\nt ,! maximum am\nt ( out/&+ bonds & commitm5ts to pur*ase bonds = any p>ticipat+ inve/m5t company "u ! facility %all be ! less] (-- 7i7 twice ! am\nt ( ! regulatory capital ( ! p>ticipat+ inve/m5t company2 or 7ii7 #bjj1jjj1jjj4 7#d7 ,commitm5t process ,commitm5ts by ! ,adm9i/ration to pur*ase bonds "u ! facility %all rema9 available to be sold by a p>ticipat+ inve/m5t company until ! end ( ! f\r? fiscal ye> foll[+ ! ye> 9 :i* ! commitm5t is made1 subject to review & approval by ! ,adm9i/ration bas$ on regulatory compliance1 f9ancial /atus1 *ange 9 managem5t1 deviation f bus9ess plan1 & su* o!r limitations z may be det]m9$ by ! ,adm9i/ration by regulation or o!rwise4 7#e7 ,commitm5t conditions 7,a7 ,9 g5]al ,z a condition ( receiv+ a commitm5t "u ! facility1 n less ?an #ej p]c5t ( am\nts inve/$ by ! p>ticipat+ inve/m5t company %all be inve/$ 9 eligible small bus9ess conc]ns4 7,b7 ,exam9ations ,9 addition to ! matt]s set =? 9 section #caj7;c71 ! ,adm9i/ration %all exam9e ea* p>ticipat+ inve/m5t company 9 su* detail s z to det]m9e :e!r ! p>ticipat+ inve/m5t company has compli$ ) ! requirem5ts "u ?is subsection4 7f7 ,di/ributions & fees 7#a7 ,di/ribution requirem5ts 7,a7 ,di/ributions ,z a condition ( receiv+ a commitm5t "u ! facility1 a p>ticipat+ inve/m5t company %all make all di/ributions to ! ,adm9i/rator 9 ! same =m & 9 a mann] z are made to inve/ors1 or o!rwise at a "t & 9 a mann] consi/5t ) regulations or policies ( ! ,adm9i/ration4 7,b7 ,allocations ,a p>ticipat+ inve/m5t company %all make allocations ( income1 ga91 loss1 d$uction1 & cr$it to ! ,adm9i/rator ) respect to any out/&+ bonds z if ! ,adm9i/rator 7 an inve/or4 7#b7 ,fees ,! ,adm9i/rator may n *>ge fees = p>ticipat+ inve/m5t companies o!r ?an exam9ation fees t are consi/5t ) ! lic5se ( ! p>ticipat+ inve/m5t company4 7#c7 ,bifurcation ,losses on bonds issu$ by p>ticipat+ inve/m5t companies %all n be (fset by fees or any o!r *>ges on deb5ture small bus9ess inve/m5t companies4 7g7 ,protg program ,! ,adm9i/rator %all e/abli% a pa?way-protg program 9 :i* a protg inve/m5t company may receive te*nical assi/ance & program support f a p>ticipat+ inve/m5t company on a volunt>y basis & )\t p5alty = non-p>ticipation4 7h7 ,loss limit+ fund 7#a7 ,9 g5]al ,!re is e/abli%$ 9 ! ,treasury a fund = mak+ commitm5ts & pur*as+ bonds ) equity features "u ! facility & receiv+ capital return$ by p>ticipat+ inve/m5t companies4 7#b7 ,use ( funds ,am\nts appropriat$ to ! ,fund or deposit$ 9 ! ,fund "u p>agraph 7#c7 %all be available to ! ,adm9i/rator1 )\t fur!r appropriation1 = mak+ commitm5ts & pur*as+ bonds "u ! facility & exp5ses & paym5ts1 exclud+ adm9i/rative exp5ses1 relat+ to ! op]ations ( ! ,adm9i/rator "u ! facility4 7#c7 ,deposit+ ( am\nts 7,a7 ,9 g5]al ,all am\nts receiv$ by ! ,adm9i/rator f a p>ticipat+ inve/m5t company relat+ to ! facility1 includ+ any moneys1 prop]ty1 or assets d]iv$ by ! ,adm9i/rator f op]ations 9 connection ) ! facility1 %all be deposit$ 9 ! ,fund4 7,b7 ,p]iod ( availability ,am\nts deposit$ "u subp>agraph 7,a7 %all rema9 available until exp5d$4 7i7 ,application ( o!r sections ,to ! ext5t n inconsi/5t ) requirem5ts "u ?is section1 ! ,adm9i/rator may apply sections #cji1 #caa1 #cab1 #cac1 & #cad to activities "u ?is section & an (fic]1 director1 employee1 ag5t1 or o!r p>ticipant 9 a p>ticipat+ inve/m5t company %all be subject to ! requirem5ts "u su* sections4 7j7 ,au?orization ( appropriations ,!re is au?oriz$ to be appropriat$ = ! fir/ fiscal ye> beg9n+ aft] ! date ( enactm5t ( ?is section #aj1jjj1jjj1jjj to c>ry out ! facility4 ,am\nts appropriat$ pursuant to ?is subsection %all rema9 available until ! end ( ! second fiscal ye> beg9n+ aft] ! date ( enactm5t ( ?is section4 4 7b7 ,approval ( bank-,own$1 non-,lev]ag$ applicants ,section #cja7;c77#b7 ( ! ,small ,bus9ess ,inve/m5t ,act ( #aieh 7#ae ,u4,s4,c4 #fha7;c77#b77 is am5d$-- 7#a7 9 subp>agraph 7,b71 9 ! matt] prec$+ clause 7i71 by /rik+ ,)9 & ins]t+ ,except z provid$ 9 subp>agraph 7,c71 )92 & 7#b7 by add+ at ! end ! foll[+3 7,c7 ,exception = bank-own$1 non-lev]ag$ applicants ,n lat] ?an #de days aft] ! date on :i* ! ,adm9i/rator receives a complet$ application submitt$ by a bank-own$1 non-lev]ag$ applicant 9 accordance ) ?is subsection1 & 9 accordance ) su* requirem5ts z ! ,adm9i/rator may prescribe by regulation1 ! ,adm9i/rator %all-- 7i7 review ! application 9 its entirety2 & 7ii7 7,i7 approve ! application & issue a lic5se = su* op]ation to ! applicant if ! requirem5ts ( ?is section are satisfi$2 or 7,,ii7 disapprove ! application & notify ! applicant 9 writ+ ( ! disapproval4 4 7c7 ,electronic submissions ,"p ,a ( title ,,iii ( ! ,small ,bus9ess ,inve/m5t ,act ( #aieh 7#ae ,u4,s4,c4 #fha et seq471 z am5d$ by subsection 7a7 ( ?is section1 is am5d$ by add+ at ! end ! foll[+3 #cbb4 ,electronic submissions ,! ,adm9i/ration %all p]mit any docum5t submitt$ "u ?is title1 or pursuant to a regulation c>ry+ out ?is title1 to be submitt$ electronically1 includ+ by p]mitt+ an electronic signature = any signature t is requir$ on su* a docum5t4 4 #g4 ,m9ority ,bus9ess ,developm5t ,ag5cy 7a7 ,9 g5]al ,!re is )9 ! ,dep>tm5t ( ,comm]ce ! ,m9ority ,bus9ess ,developm5t ,ag5cy 7ref]r$ to 9 ?is section z ! ,ag5cy74 7b7 ,assi/ant ,secret>y 7#a7 ,9 g5]al ,! ,ag5cy %all be head$ by an ,assi/ant ,secret>y ( ,comm]ce = ,m9ority ,bus9ess ,developm5t1 :o %all be appo9t$ by ! ,presid5t4 7#b7 ,comp5sation ,! ,assi/ant ,secret>y ( ,comm]ce = ,m9ority ,bus9ess ,developm5t %all be comp5sat$ at an annual rate ( basic pay prescrib$ = level ,,iv ( ! ,executive ,s*$ule "u section #ecae ( title #e1 ,unit$ ,/ates ,code4 7c7 ,duties ,9 addition to ! functions1 duties1 & programs c>ri$ out by ! ,ag5cy1 z ( ! day be=e ! date ( enactm5t ( ?is ,act 7includ+ ! ,bus9ess ,c5t] program ( ! ,ag5cy71 ! ,ag5cy %all-- 7#a7 promote & adm9i/] programs 9 ! public & private sectors t relate to ! developm5t ( m9ority bus9ess ent]prises2 & 7#b7 c>ry out programs t increase access to capital & te*nology =1 & provide assi/ance ) respect to ! managem5t (1 m9ority bus9ess ent]prises4 7d7 ,(fice ( ,african ,am]ican ,affairs 7#a7 ,e/abli%m5t ,!re is e/abli%$ )9 ! ,ag5cy ! ,(fice ( ,african ,am]ican ,affairs4 7#b7 ,duties ,! ,(fice ( ,african ,am]ican ,affairs e/abli%$ "u p>agraph 7#a7 %all c>ry out su* functions1 duties1 & programs z ! ,assi/ant ,secret>y ( ,comm]ce = ,m9ority ,bus9ess ,developm5t det]m9es to be appropriate4 7e7 ,te*nical & con=m+ am5dm5t ,section #ecae ( title #e1 ,unit$ ,/ates ,code1 is am5d$1 9 ! item relat+ to ,assi/ant ,secret>ies ( ,comm]ce1 by /rik+ 7#aa7 & ins]t+ 7#ab74 #h4 ,,hrsa grant program consid]ation ,9 aw>d+ grants = :i* fai?-bas$ entities are eligible1 ! ,adm9i/rator ( ! ,heal? ,res\rces & ,s]vices ,adm9i/ration %all give special consid]ation to any application f an eligible entity t is locat$ 9 a qualifi$ opportunity zone 7z def9$ 9 section #adjj,z-#a7;a7 ( ! ,int]nal ,rev5ue ,code ( #aihf7 or t s]ves a community locat$ 9 su* a qualifi$ opportunity zone4 #i4 ,ext5sion ( subsidy = c]ta9 loan paym5ts 7a7 ,9 g5]al ,section #aaab7;c77#a7 ( ! ,,c>es ,act 7#ae ,u4,s4,c4 #ijaa7;c77#a77 is am5d$-- 7#a7 9 subp>agraph 7,a71 by /rik+ #f-mon? & ins]t+ #ab-mon?2 7#b7 9 subp>agraph 7,b71 by /rik+ #f-mon? & ins]t+ #ab-mon?2 & 7#c7 9 subp>agraph 7,c7-- 7,a7 by /rik+ #f mon?s & ins]t+ #ab mon?s2 & 7,b7 by /rik+ #f-mon? & ins]t+ #ab-mon?4 7b7 ,effective date ,! am5dm5ts made by subsection 7a7 %all take effect z if includ$ 9 ! enactm5t ( section #aaab ( ! ,,c>es ,act 7#ae ,u4,s4,c4 #ijaa74