Sec. 7. Reporting
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Not later than 30 days after the first day of each calendar quarter that begins after the date on which the Secretary issues final rules in the rule making initiated under section 3(e), each participating State that has received an allocation under the Program and each State to which funding is awarded under section 4(b) shall submit to the Secretary a report regarding the use, during the quarter preceding the quarter in which the State submits the report, of funds received under the applicable covered program.
In each report that a State is required to submit under paragraph (1), the State shall, with respect to the quarter covered by the report— indicate the total amount of funds during the quarter that the State received under the covered programs and expended; and contain a certification by the State that— all of the information contained in the report is accurate; funds allocated to the State under the covered programs continue to be available and legally committed to an approved State program of the State, except for funds already expended by the State in carrying out the approved State program; and the State is carrying out the approved State program of the State in accordance with this Act and rules issued under this Act.
Not later than March 31 of each year in which the covered programs are in effect, each participating State that has received an allocation under the Program and each State to which funding is awarded under section 4(b) shall submit to the Secretary an annual report with respect to the year preceding the year in which the report is submitted, which shall include, for the year covered by the report— the number of startups supported by an investment made through an approved State program of the State; the total number of investments made through an approved State program of the State; the amount of private capital leverage for each covered investment made through an approved State program of the State and collectively by the State under the covered programs and the source of any private capital match; a breakdown of investments made through an approved State program of the State by, with respect to the startups in which the investments were made, industry type, investment size, age of entity, annual sales, geographic location (which shall be indicated by zip code), and number of employees; and any other information that the Secretary, in the sole discretion of the Secretary, may require to carry out the purposes of the covered programs.
The Secretary shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives an annual report that summarizes information reported to the Secretary by States that details, for the year covered by the report, outcomes from investments made pursuant to funds allocated under the covered programs. The Secretary shall submit the annual report required under subparagraph
(A)until the later of— the year that is 12 years after the date of enactment of this Act; or the year in which no investment is made through either of the covered programs. Of amounts appropriated to carry out the covered programs under section 8(a)(1), and amounts that may be appropriated under the authorization provided under section 8(b), the Secretary may reserve a percentage of the amounts in order to carry out paragraph (1).