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HUBZone Expansion Act of 2015

1/11/2023, 1:31 PM

Congressional Summary of S 1266

HUBZone Expansion Act of 2015

This bill amends the Small Business Act to expand the HUBZone (historically underutilized business zone) program of Small Business Administration loans to small businesses in HUBZone areas for communities affected by base realignment and closure.

The expansion includes the areas that can be used by small businesses whose principal offices are located in base closure HUBZones, with at least 35% of their employees residing in:

  • a HUBZone,
  • a census tract in which the base closure HUBZone is wholly contained,
  • a census tract that intersects the boundaries of the base closure HUBZone, or
  • a census tract contiguous with these census tracts.

HUBZone eligibility assistance for base closure areas is extended from five years to eight years after their closure.

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Current Status of Bill S 1266

Bill S 1266 is currently in the status of Bill Introduced since May 11, 2015. Bill S 1266 was introduced during Congress 114 and was introduced to the Senate on May 11, 2015.  Bill S 1266's most recent activity was Read twice and referred to the Committee on Small Business and Entrepreneurship. (Sponsor introductory remarks on measure: CR S2761-2762) as of May 11, 2015

Bipartisan Support of Bill S 1266

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
1
Democrat Cosponsors
0
Republican Cosponsors
0
Unaffiliated Cosponsors
1

Policy Area and Potential Impact of Bill S 1266

Primary Policy Focus

Commerce

Potential Impact Areas

- Economic development
- Government lending and loan guarantees
- Military facilities and property
- Small business

Alternate Title(s) of Bill S 1266

HUBZone Expansion Act of 2015
A bill to expand the HUBZone program for communities affected by base realignment and closure, and for other purposes.
HUBZone Expansion Act of 2015

Comments

Sponsors and Cosponsors of S 1266

Susan M. Collins
Susan M. Collins
MaineRepublican
Angus S. King Jr.
Angus S. King Jr.
MaineIndependent

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