Us Congress 2023-2024 Regular Session

Us Congress Senate Bill SB5634

Caption

A bill to establish a grant program under the Small Business Administration, and for other purposes.

Impact

If enacted, SB5634 could significantly alter the landscape of small business support by enabling up to 1,000,000 grants, each not exceeding $20,000, to eligible recipients. This financial boost aims to encourage the creation and sustainability of small businesses, thereby addressing economic disparities and enhancing job creation in areas most in need. Additionally, it emphasizes inclusion by prioritizing socially and economically disadvantaged individuals, effectively directing resources to those who face systemic barriers in the business landscape.

Summary

SB5634, titled the 'Small Business Opportunity Grants Act of 2024,' aims to establish a grant program under the Small Business Administration intended to support small businesses primarily in low- to moderate-income communities, HUBZones, and rural areas. The bill establishes criteria for eligibility, ensuring that the beneficiaries include minority-owned businesses, women-owned businesses, veteran-owned businesses, and those controlled by individuals with disabilities or prior incarceration. The program's primary focus is to provide financial assistance while fostering economic growth in underserved communities.

Contention

Despite its promising goals, the bill may face contention over its implementation and effectiveness. Concerns may arise regarding the selection process for grant recipients and the capacities of local communities to manage such funding. Advocates for small business development argue that such a program is essential in leveling the playing field, while critics may question the potential bureaucratic overhead involved. Moreover, the bill calls for rigorous data collection on recipients, which, while beneficial for accountability and transparency, may raise concerns about privacy and the administrative burden on small businesses applying for these grants.

Companion Bills

No companion bills found.

Previously Filed As

US HB10407

To amend the Small Business Act to reauthorize and modify the Small Business Innovation Research and Small Business Technology Transfer Research programs, and for other purposes.

US SB5498

A bill to establish a grant program for certain State and local forensic activities, and for other purposes.

US SB5600

A bill to authorize programs for the National Aeronautics and Space Administration for fiscal year 2025, and for other purposes.

US SB5501

A bill to require the Administrator of the Small Business Administration to relocate 30 percent of the employees assigned to headquarters to duty stations outside the Washington metropolitan area, and for other purposes.

US SB5569

A bill to establish a State rail formula grant program, to direct Federal Railroad Administration to create a Green Railroads Fund, to expand passenger rail programs, to address air quality concerns, to establish rail workforce training centers, and for other purposes.

US HR458

Providing for consideration of the bill (H.R. 2483) to reauthorize certain programs that provide for opioid use disorder prevention, treatment, and recovery, and for other purposes; providing for consideration of the bill (H.R. 2931) to direct the Administrator of the Small Business Administration to relocate certain offices of the Small Business Administration in sanctuary jurisdictions, and for other purposes; providing for consideration of the bill (H.R. 2966) to require the Administrator of the Small Business Administration to require an applicant for certain loans of the Administration to provide certain citizenship status documentation, and for other purposes; and providing for consideration of the bill (H.R. 2987) to amend the Small Business Act to require a limit on the number of small business lending companies, and for other purposes.

US SB5625

A bill to amend the Energy Policy Act of 2005 to reauthorize the Clean School Bus program, and for other purposes.

US SB5632

A bill to direct the Secretary of Agriculture to establish and administer a pilot program to provide grants to support Food is Medicine programs, and for other purposes.

US SB202

Helping Small Businesses THRIVE Act Helping Small Businesses To Hedge Risk and Insure against Volatile Expenses Act

US HB10536

To amend title 38, United States Code, to establish a mission of the Veterans Health Administration to innovate, and for other purposes.

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