Senate panel backs HUBZone legislation

Advocates seek more support

      The Senate Small Business & Entrepreneurship Committee recently approved two pieces of legislation intended to strengthen Historically Underutilized Business Zones (HUBZones).

      The committee passed S 690, introduced by Sen. Ben Cardin, D-MD, which allows a geographic area to keep its HUBZone status for seven years after it no longer meets the criteria due to census changes. Previously, the status could be kept for three years.

      The panel also gave a thumbs-up to S 929, submitted by Sen. Jeanne Shaheen, D-NH, to reduce the HUBZone employee residency requirement to 33%, from 35%.

      It also gives governors the power to petition for new HUBZones where unemployment is 120% of the national average, and requires the Small Business Administration to approve or deny new HUBZone applications within 60 days.

      The Shaheen provisions are included in the proposed Senate version of the National Defense Authorization Act of fiscal 2018.

     The HUBZone Council advocacy group now is urging its members to seek Senate passage of the bills.

      “These two provisions are top priorities of the HUBZone Council in 2017. Both bills will strengthen the HUBZone Program, allowing HUBZone businesses to make substantial, long-term investments without the fear of losing their HUBZone status,” the council states on its website.

More information: S 690 bill text: http://goo.gl/q5t4Us
S 929 bill text: http://goo.gl/6DzqLJ
HUBZone Council statement: http://goo.gl/nw63fJ

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