S. 3563 – Reading Mode

111th CONGRESS

2d Session

S. 3563

IN THE SENATE OF THE UNITED STATES

June 30, 2010

Mr. Merkley (for himself, Mr. Bond, and Mr. Bayh) introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship

A BILL

To amend the Small Business Act to temporarily designate as a HUBZone counties that are most affected by a recession.

Short title

This Act may be cited as the Rebuilding Local Business Act of 2010.

Rebuilding counties

(a)

In general

Section 3(p) of the Small Business Act (15 U.S.C. 632(p)) is amended—

(1)

in paragraph (1)—

(A)

in subparagraph (D), by striking or at the end;

(B)

in subparagraph (E), by striking the period at the end and inserting ; or; and

(C)

by adding at the end the following:

(F)

rebuilding counties.

; and

(2)

in paragraph (4), by adding at the end the following:

(E)

Rebuilding counties

(i)

In general

The term rebuilding county means an initial period rebuilding county or an extension period rebuilding county.

(ii)

Initial period rebuilding county

The term initial period rebuilding county means a county, parish, or similar political subdivision—

(I)

for which the Administrator determines that the 1-year unemployment rate average is not less than 120 percent of the 1-year average unadjusted unemployment rate for the United States, based on the most recent data available from the Secretary of Labor;

(II)

that—

(aa)

as of the date of the determination under subclause (I), is not a HUBZone; or

(bb)

will cease to qualify as a HUBZone not later than 2 years after the date of the determination under subclause (I); and

(III)

during the 3-year period beginning on the date on which the Administrator makes the determination under subclause (I).

(iii)

Extension period rebuilding county

The term extension period rebuilding county means a county, parish, or similar political subdivision—

(I)

for which the Administrator has made a determination under clause (ii)(I);

(II)

for which the 3-year period described in clause (ii)(III) has ended;

(III)

for which the Administrator determines that the average unemployment rate for the 1-year period ending on the date on which the 3-year period described in clause (ii)(III) ends is not less than 140 percent of the 1-year average unadjusted unemployment rate for the United States, based on the most recent data available from the Secretary of Labor; and

(IV)

during the period beginning on the date on which the Administrator makes the determination under subclause (III) and ending on the earlier of—

(aa)

the date that is 3 years after the date of the determination under subclause (III); and

(bb)

the date on which the Bureau of the Census publicly releases the initial results of the first decennial census occurring after the date of the determination under subclause (III).

(iv)

1-year unemployment rate average

The term 1-year unemployment rate average means the average unemployment rate, based on the most recent data available from the Secretary of Labor, during any 1-year period during the period—

(I)

beginning on the date on which a recession begins, as determined by the National Bureau of Economic Research; and

(II)

ending on the date that is 180 days after the date on which the National Bureau of Economic Research publicly releases the determination under subclause (I).

(b)

Recession of 2007

For purposes of applying section 3(p)(4) of the Small Business Act, as added by subsection (a), in relation to the recession announced by the National Bureau of Economic Research on December 1, 2008, the term 1-year unemployment rate average means the average unemployment rate during the 1-year period ending on the date of enactment of this Act, based on the most recent data available from the Secretary of Labor.