Sec. 761. Emergency grants to minority business enterprises
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The Agency shall provide grants to address the needs of minority business enterprises impacted by the COVID–19 pandemic. The Agency may make grants through nonprofit organizations or directly to minority business enterprises. In providing grants pursuant to subsection (a), the Agency shall prioritize providing assistance to— minority business enterprises that have been unable to obtain loans from the paycheck protection program under section 7(a)(36) of the Small Business Act ( 15 U.S.C. 636(a)(36) ) and other programs established under the CARES Act ( Public Law 116–136 ); minority business enterprises located in low-income areas or areas that have been significantly impacted by the COVID–19 pandemic; and minority business enterprises that do not have access to capital and whose business is substantially impaired because of the impact of stay-at-home orders implemented by State and local governments due to the COVID–19 pandemic.
The Assistant Secretary shall set such terms and conditions for the grants made under this section as the Assistant Secretary determines appropriate. No later than 15 days prior to making any grants under this section, the Assistant Secretary shall provide the terms and conditions for grants made under this section to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives. Not later than 6 months after the date of enactment of this Act, the Comptroller General of the United States shall provide a report on the effectiveness of the grants made under this section, including the manner in which the Agency implemented the priorities described in subsection (c).
There are authorized to be appropriated $3,000,000,000 to carry out this section, to remain available until expended.
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