Bill Would Create Temporary HUBZones
Senators Merkley (D-Oregon), Bond (R-Missouri), and Bayh (D-Indiana) recently introduced legislation to help local businesses stay afloat during times of recession and high unemployment.
The Rebuilding Local Business Act of 2010 (PDF) (S 3563) would create a temporary three-year HUBZone ‘Rebuilding Status’ for counties that have an unemployment rate 20 percent or more above the national rate during a recession. This would allow all qualified small businesses located in affected counties to participate in the HUBZone Program for three years.
“This bipartisan bill will temporarily expand the successful jobs-creating HUBZone Program to help small businesses rebuild, revitalize, and bring hope to the communities in Missouri and across the nation that are suffering the most from job loss,” Bond said.
There are two other bills impacting the HUBZone Program currently being considered in the U.S. Senate:
- HUBZone Improvement Act (PDF) (S 3020) – would reduce the possibility of fraud in the HUBZone Program and make technical corrections to assist qualifying businesses.
- Small Business Programs Parity Act (PDF) (S 3190) – would place the HUBZone Program on equal standing with other major small business programs in light of recent federal court and Government Accountability Office (GAO) rulings that have confirmed statutory HUBZone priority over other programs.
More Information (PDF)
http://www.hubzonecouncil.org/clubportal/images/clubimages/528/100701%20rebuilding%20business%20bill%20s3563.pdf
