Sec. 2. New Tranches of capital for successful State programs
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Section 3003 of the Small Business Jobs Act of 2010 ( 12 U.S.C. 5702 ) is amended by adding at the end the following: In this subsection— the term eligible participating State means a participating State that has certified to the Secretary that the State has expended, transferred, or obligated not less than 80 percent of the second 1/3 of the 2010 allocation transferred to the State under subsection (c)(1)(A)(iii); and the term unused funds means— amounts made available to the Secretary under clause (i)(II) or (ii)(II) of paragraph (2)(E); and amounts made available to the Secretary under paragraph (4)(B)(ii).
Of the amount made available under paragraph (6)(D), the Secretary shall allocate a total of $500,000,000 among eligible participating States in the same ratio as funds were allocated under the 2010 allocation under subsection (b)(1) among participating States. An eligible participating State desiring to receive funds allocated under this paragraph shall submit an application— not later than the later of— June 30, 2015; or the date that is 6 months after the date of enactment of the Small Business Access to Capital Act of 2014 ; and in such manner and containing such information as the Secretary may require.
Notwithstanding subsection (c)(1), after an eligible participating State approved by the Secretary to receive an allocation under this paragraph has certified to the Secretary that the eligible participating State has expended, transferred, or obligated not less than 80 percent of the last 1/3 of the 2010 allocation to the eligible participating State, the Secretary shall transfer to the eligible participating State the funds allocated to the eligible participating State under this paragraph.
An eligible participating State may use funds transferred under this paragraph for any purpose authorized under subparagraph
(A)or
(B)of subsection (c)(3). If an eligible participating State has not certified to the Secretary that the State has expended, transferred, or obligated not less than 80 percent of the last 1/3 of the 2010 allocation as of the date that is 2 years after the date on which the Secretary approves the eligible participating State to receive an allocation under this paragraph, any amounts allocated to the eligible participating State under this paragraph— may not be transferred to the eligible participating State under this paragraph; and shall be available to the Secretary to make awards under paragraph (4). Effective on the date that is 2 years after the date of enactment of the Small Business Access to Capital Act of 2014 , any amounts allocated under this paragraph to a participating State that, as of such date, is not an eligible participating State or to an eligible participating State that did not submit an application under subparagraph
(B)or was not approved by the Secretary to receive an allocation under this paragraph— may not be transferred to an eligible participating State under this paragraph; and shall be available to the Secretary to make awards under paragraph (4). Of the amount made available under paragraph (6)(D), the Secretary may award, on a competitive basis, not more than a total of $1,000,000,000 to participating States and consortiums of participating States for use for any purpose authorized under subparagraph
(A)or
(B)of subsection (c)(3). A participating State or consortium of participating States desiring to receive an award under this paragraph shall submit an application— not later than the date established by the Secretary, which shall be not later than the date that is 1 year after the date of enactment of the Small Business Access to Capital Act of 2014 ; and in such manner and containing such information as the Secretary may require. A participating State may submit not more than 1 application on behalf of the participating State and not more than 1 application as part of a consortium of participating States. A State that is not a participating State may apply to the Secretary for approval to be a participating State for purposes of this paragraph and paragraph (4), in accordance with section 3004. In determining whether to make an award to a participating State or consortium of participating States under this paragraph, the Secretary shall consider— how the participating State or consortium of participating States plan to use amounts provided under the award under the approved State program to— leverage private sector capital; create and retain jobs during the 2-year period beginning on the date of the award; serve businesses that have been incorporated or in operation for not more than 5 years; and serve low-or-moderate-income communities; the extent to which the participating State or consortium of participating States will establish or continue a robust self-evaluation of the activities of the participating State or consortium of participating States using amounts made available under this title; the extent to which the participating State or consortium of participating States will provide non-Federal funds in excess of the amount required under subparagraph (E); and the extent to which the participating State expended, obligated, or transferred the 2010 allocation to the State. Notwithstanding subsection (c)(1), and not later than 30 days after making an award under this paragraph to a participating State or consortium of participating States, the Secretary shall transfer 50 percent of the amount of the award to the participating State or consortium of participating States. After a participating State or consortium of participating States has certified to the Secretary that the participating State or consortium of participating States has expended, transferred, or obligated not less than 80 percent of the amount transferred under clause (i), the Secretary shall transfer to the participating State or consortium of participating States the remaining amount of the award. The State share of the cost of the activities, excluding administrative expenses, carried out using an award under this paragraph shall be not less than 10 percent. The Secretary may determine what contributions by a State qualify as part of the State share of the cost for purposes of this subparagraph. The Secretary may award, on a competitive basis, unused funds to participating States for use for any purpose authorized under subparagraph
(A)or
(B)of subsection (c)(3). The Secretary shall determine whether any amounts allocated to a participating State under subsection
(b)shall be deemed no longer allocated and no longer available if a participating State has not certified to the Secretary that the State has expended, transferred, or obligated 80 percent of the second 1/3 of the 2010 allocation by December 31, 2016. Effective on the date of the determination under clause (i), any amounts identified in the determination that were deemed no longer allocated and no longer available to the participating State shall be available to the Secretary to make awards under this paragraph. A participating State desiring to receive an award under this paragraph shall submit an application— not later than 3 months after the date on which funds are deemed no longer allocated and no longer available to any participating State; and in such manner and containing such information as the Secretary may require. In determining whether to make an award to a participating State under this paragraph, the Secretary shall consider the factors described in paragraph (3)(C). The Secretary may not make an award of less than $5,000,000 under this paragraph. Notwithstanding section 3007(d), a participating State that receives funds under paragraph (2), (3), or
(4)shall submit quarterly and annual reports containing the information described in section 3007 until the end of the 8-year period beginning on the date of enactment of the Small Business Access to Capital Act of 2014 . A participating State may use not more than 3 percent of the amount made available to the participating State under paragraph (2), (3), or
(4)for administrative expenses incurred by the participating State in implementing an approved State program. During the 1-year period beginning on the date of enactment of the Small Business Access to Capital Act of 2014 , and notwithstanding any other provision of law relating to public contracting, the Secretary may enter into contracts to carry out this subsection. Any amounts transferred to a participating State under paragraph (2), (3), or
(4)shall not be considered assistance for purposes of subtitle V of title 31, United States Code. There are appropriated to the Secretary, out of any funds in the Treasury not otherwise appropriated, $1,500,000,000 to carry out this subsection, including to pay reasonable costs of administering the programs under this subsection, to remain available until expended. The authorities and duties of the Secretary to implement and administer the program under this subsection shall terminate at the end of the 8-year period beginning on the date of enactment of the Small Business Access to Capital Act of 2014 . .
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Sec. 2
New Tranches of capital for successful State programs
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