HR-2488 : Still Just a Bill

Puerto Rico Small Business Assistance Act of 2017

This bill amends the Small Business Act regarding small businesses that have their principal office in Puerto Rico, including to temporarily:

• increase the total amount of loans outstanding and committed to any microloan intermediary if at least 20% of the intermediary's loans are made to such businesses;
• waive the Small Business Administration (SBA) Microloan Program's limit on an intermediary's spending on technical assistance for prospective borrowers if 25% of the intermediary's loans are made to these businesses;
• reduce or eliminate SBA fees on certain loans to such businesses; and
• give federal contract preference to such businesses, transfer specified technology or surplus property to them, and provide subcontracting incentives for their protege firms.

The SBA shall establish: (1) a Veteran Business Outreach Center in Puerto Rico, and (2) a temporary Federal and State Technology (FAST) grant program to provide assistance to Puerto Rico businesses.

The SBA district office in Puerto Rico must temporarily report annually to Congress and the SBA on its activities in Puerto Rico.