Us Congress 2023-2024 Regular Session

Us Congress House Bill HB414 Compare Versions

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Old	New	Differences
1	1	I
2	2	118THCONGRESS
3	3	1
4	4	STSESSION H. R. 414
5	5	To amend the Small Business Act to establish a rural manufacturing
6	6	forgivable loan program, and for other purposes.
7	7	IN THE HOUSE OF REPRESENTATIVES
8	8	JANUARY20, 2023
9	9	Mr. F
10	10	INSTAD(for himself, Ms. CRAIG, Mr. AMODEI, Mr. JOHNSONof Ohio,
11	11	and Mr. C
12	12	ARTERof Georgia) introduced the following bill; which was re-
13	13	ferred to the Committee on Small Business, and in addition to the Com-
14	14	mittee on Appropriations, for a period to be subsequently determined by
15	15	the Speaker, in each case for consideration of such provisions as fall with-
16	16	in the jurisdiction of the committee concerned
17	17	A BILL
18	18	To amend the Small Business Act to establish a rural manu-
19	19	facturing forgivable loan program, and for other pur-
20	20	poses.
21	21	Be it enacted by the Senate and House of Representa-1
22	22	tives of the United States of America in Congress assembled, 2
23	23	SECTION 1. SHORT TITLE. 3
24	24	This Act may be cited as the ‘‘Investing in Rural 4
25	25	Manufacturing Act’’. 5
26	26	SEC. 2. RURAL MANUFACTURING LOANS. 6
27	27	(a) I
28	28	NGENERAL.—Section 7(a) of the Small Busi-7
29	29	ness Act (15 U.S.C. 636(a)) is amended— 8
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32	32	•HR 414 IH
33	33	(1) in paragraph (2)— 1
34	34	(A) in subparagraph (A), by striking ‘‘and 2
35	35	(F)’’ and inserting ‘‘(F), and (G)’’; and 3
36	36	(B) by adding at the end the following new 4
37	37	subparagraph: 5
38	38	‘‘(G) P
39	39	ARTICIPATION IN RURAL MANUFAC -6
40	40	TURING LOANS.—In an agreement to partici-7
41	41	pate in a loan on a deferred basis under para-8
42	42	graph (38), the participation by the Adminis-9
43	43	tration shall be 100 percent.’’; and 10
44	44	(2) by adding at the end the following new 11
45	45	paragraph: 12
46	46	‘‘(38) R
47	47	URAL MANUFACTURING LOANS .— 13
48	48	‘‘(A) I
49	49	N GENERAL.—The Administrator 14
50	50	may guarantee a loan made under this para-15
51	51	graph to a covered applicant for the purpose of 16
52	52	paying any eligible costs associated with the de-17
53	53	velopment of a business concern that manufac-18
54	54	tures goods essential to critical infrastructure 19
55	55	sectors in rural areas. 20
56	56	‘‘(B) A
57	57	PPLICATION.—A covered applicant 21
58	58	shall submit an application for a loan under 22
59	59	this paragraph which shall include a com-23
60	60	prehensive business plan that includes a goal 24
61	61	for the resulting number of jobs to be created 25
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64	64	•HR 414 IH
65	65	at the site that will be developed or expanded 1
66	66	with the proceeds of such loan. 2
67	67	‘‘(C) L
68	68	OAN FORGIVENESS.—A covered ap-3
69	69	plicant shall be eligible for forgiveness of any 4
70	70	indebtedness on a loan made under this para-5
71	71	graph as follows: 6
72	72	‘‘(i) If the covered applicant has met 7
73	73	75 percent or more of the job creation 8
74	74	goals of the comprehensive business plan 9
75	75	described in subparagraph (B) not later 10
76	76	than 5 years after the date of origination 11
77	77	of the loan. 12
78	78	‘‘(ii) If the Administrator makes a de-13
79	79	termination that the covered applicant only 14
80	80	used loan proceeds for eligible costs, the 15
81	81	covered applicant shall receive loan forgive-16
82	82	ness in an amount— 17
83	83	‘‘(I) less than or equal to an 18
84	84	amount that is 50 percent of the total 19
85	85	financing amount specified by the cov-20
86	86	ered applicant; and 21
87	87	‘‘(II) less than or equal to max-22
88	88	imum amount allowable under para-23
89	89	graph (3)(A). 24
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92	92	•HR 414 IH
93	93	‘‘(D) IDENTIFICATION OF ADDITIONAL 1
94	94	CRITICAL INFRASTRUCTURE SECTORS .— 2
95	95	‘‘(i) S
96	96	TUDY.—Not later than 180 days 3
97	97	after the date of enactment of this para-4
98	98	graph, the Administrator shall complete a 5
99	99	study to identify any additional sectors to 6
100	100	be included in the definition of the term 7
101	101	‘critical infrastructure sector’ under this 8
102	102	paragraph. 9
103	103	‘‘(ii) P
104	104	ROVISION OF LOANS PRIOR TO 10
105	105	COMPLETION OF STUDY .—The Adminis-11
106	106	trator may guarantee a loan made under 12
107	107	this paragraph before the completion of the 13
108	108	study required under clause (i). 14
109	109	‘‘(iii) A
110	110	DDITIONAL CRITICAL INFRA -15
111	111	STRUCTURE SECTORS .—The Administrator 16
112	112	may, at any time, take such actions as are 17
113	113	necessary to identify additional sectors to 18
114	114	be included in the definition of the term 19
115	115	‘critical infrastructure sector’ under this 20
116	116	paragraph. 21
117	117	‘‘(E) D
118	118	EFINITIONS.—In this paragraph: 22
119	119	‘‘(i) C
120	120	OVERED APPLICANT.—The term 23
121	121	‘covered applicant’ means a business 24
122	122	that— 25
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125	125	•HR 414 IH
126	126	‘‘(I) has a site located in rural 1
127	127	area industrial park, manufactures 2
128	128	goods that are essential to critical in-3
129	129	frastructure sectors at such site, and 4
130	130	intends to expand such site for pur-5
131	131	poses of employing a larger workforce 6
132	132	at such site; or 7
133	133	‘‘(II) is developing a site located 8
134	134	in a rural area industrial park to 9
135	135	manufacture goods that are essential 10
136	136	to critical infrastructure sectors at 11
137	137	such site. 12
138	138	‘‘(ii) C
139	139	RITICAL INFRASTRUCTURE SEC -13
140	140	TOR.—The term ‘critical infrastructure 14
141	141	sector’ means— 15
142	142	‘‘(I) each of the 16 critical infra-16
143	143	structure sectors designated in Presi-17
144	144	dential Policy Directive 21, titled 18
145	145	‘Critical Infrastructure Security and 19
146	146	Resilience’ and published on February 20
147	147	12, 2013; 21
148	148	‘‘(II) any additional sectors iden-22
149	149	tified pursuant to section 9002 of the 23
150	150	National Defense Authorization Act 24
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153	153	•HR 414 IH
154	154	for Fiscal Year 2021 (6 U.S.C. 652a); 1
155	155	and 2
156	156	‘‘(III) any additional sectors 3
157	157	identified by the Administrator pursu-4
158	158	ant to subparagraph (D). 5
159	159	‘‘(iii) E
160	160	LIGIBLE COSTS.—The term ‘el-6
161	161	igible costs’ means— 7
162	162	‘‘(I) payroll, construction, permit-8
163	163	ting, and other capital costs associ-9
164	164	ated with— 10
165	165	‘‘(aa) the development of a 11
166	166	site located in a rural area indus-12
167	167	trial park for a business that 13
168	168	manufactures goods that are es-14
169	169	sential to critical infrastructure 15
170	170	sectors at such site; and 16
171	171	‘‘(bb) the expansion of such 17
172	172	a site for purposes of employing 18
173	173	a larger workforce at such site; 19
174	174	and 20
175	175	‘‘(II) any other costs the Admin-21
176	176	istrator determines to be appro-22
177	177	priate.’’. 23
178	178	(b) A
179	179	UTHORIZATION OFAPPROPRIATIONS.—There is 24
180	180	authorized to be appropriated to the Administrator of the 25
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183	183	•HR 414 IH
184	184	Small Business Administration $2,000,000,000, which 1
185	185	shall be authorized to remain available until expended, to 2
186	186	carry out paragraph (38) of section 7(a) of the Small 3
187	187	Business Act (15 U.S.C. 636(a)), as added by subsection 4
188	188	(a). 5
189	189	(c) R
190	190	ESCISSION.—Of the unobligated balances of 6
191	191	amounts made available under the heading ‘‘Small Busi-7
192	192	ness Administration—Business Loans Program Account, 8
193	193	CARES Act’’, for carrying out paragraphs (36) and (37) 9
194	194	of section 7(a) of the Small Business Act (15 U.S.C. 10
195	195	636(a)), $2,000,000,000 are hereby rescinded. 11
196	196	Æ
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