Many HUBZones expiring July 1

      The Small Business Administration’s new HUBZone map features about 3,000 new HUBZones going into effect on July 1, but it also displays hundreds of expiring HUBZones.

      The map reflects economic data from the 2020 Census to establish HUBZone eligibility as a census tract or county. Other HUBZones are created as Disaster Areas, Governor-Designated Areas or closed military bases.

      HUBZones that become ineligible can become Redesignated Areas, allowing them to continue in the HUBZone program for three more years. For example, HUBZone counties that newly lose their status on July 1 will be redesignated until July 2026.

      However, the majority of the HUBZone counties that currently are Redesignated Areas are expiring on July 1, the SBA said in a recent statement.

      “Most HUBZones categorized as Redesignated Areas prior to July 1, 2023, have already exhausted their three-year grace period and will be no longer listed on the map as Redesignated Areas on July 1,” according to the SBA statement. .

      Furthermore, many Disaster Area HUBZones, Governor-Designated HUBZones and HUBZones on former military bases also will lose eligibility on July 1, the HUBZone preview map indicated.

More Information:
HUBZone map: https://tinyurl.com/pjpwkpam
SBA statement: https://tinyurl.com/9epvfnk6

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