S. 2996 — Introduced in Senate

II 118th CONGRESS 1st Session S. 2996 IN THE SENATE OF THE UNITED STATES September 29 (legislative day, September 22), 2023Mr. Ricketts (for himself and Ms. Smith) introduced the following bill; which was read twice and referred to the Committee on Agriculture, Nutrition, and Forestry A BILL To amend the Consolidated Farm and Rural Development Act to extend and enhance the Rural Microentrepreneur Assistance Program, and for other purposes. 1. Short title This Act may be cited as the Rural Microentrepreneur Assistance Act of 2023. 2. Increase in funding for the Rural Microentrepreneur Assistance Program Section 379E of the Consolidated Farm and Rural Development Act (7 U.S.C. 2008s) is amended— (1) in subsection (a)(4), by striking $50,000 and inserting $75,000; (2) in subsection (b)(3), by adding at the end the following: (E) Use of funds A microloan made by a microenterprise development organization to a microentrepreneur under this paragraph for a project may be used to cover not more than 50 percent of any demolition, construction, or related costs of real estate improvements under the project. ; (3) in subsection (c)(1)(A), by striking 75 percent and inserting 100 percent; and (4) in subsection (d), by striking 2019 through 2023 and inserting 2024 through 2028.