Sec. 2. Rural manufacturing loans
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Section 7(a) of the Small Business Act ( 15 U.S.C. 636(a) ) is amended— in paragraph (2)— in subparagraph (A), by striking and
(F)and inserting (F), and
(G); and by adding at the end the following new subparagraph: In an agreement to participate in a loan on a deferred basis under paragraph (38), the participation by the Administration shall be 100 percent. ; and by adding at the end the following new paragraph: The Administrator may guarantee a loan made under this paragraph to a covered applicant for the purpose of paying any eligible costs associated with the development of a business concern that manufactures goods essential to critical infrastructure sectors in rural areas. A covered applicant shall submit an application for a loan under this paragraph which shall include a comprehensive business plan that includes a goal for the resulting number of jobs to be created at the site that will be developed or expanded with the proceeds of such loan. A covered applicant shall be eligible for forgiveness of any indebtedness on a loan made under this paragraph as follows: If the covered applicant has met 75 percent or more of the job creation goals of the comprehensive business plan described in subparagraph
(B)not later than 5 years after the date of origination of the loan. If the Administrator makes a determination that the covered applicant only used loan proceeds for eligible costs, the covered applicant shall receive loan forgiveness in an amount— less than or equal to an amount that is 50 percent of the total financing amount specified by the covered applicant; and less than or equal to maximum amount allowable under paragraph (3)(A). Not later than 180 days after the date of enactment of this paragraph, the Administrator shall complete a study to identify any additional sectors to be included in the definition of the term critical infrastructure sector under this paragraph. The Administrator may guarantee a loan made under this paragraph before the completion of the study required under clause (i). The Administrator may, at any time, take such actions as are necessary to identify additional sectors to be included in the definition of the term critical infrastructure sector under this paragraph. In this paragraph: The term covered applicant means a business that— has a site located in rural area industrial park, manufactures goods that are essential to critical infrastructure sectors at such site, and intends to expand such site for purposes of employing a larger workforce at such site; or is developing a site located in a rural area industrial park to manufacture goods that are essential to critical infrastructure sectors at such site. The term critical infrastructure sector means— each of the 16 critical infrastructure sectors designated in Presidential Policy Directive 21, titled Critical Infrastructure Security and Resilience and published on February 12, 2013; any additional sectors identified pursuant to section 9002 of the National Defense Authorization Act for Fiscal Year 2021 ( 6 U.S.C. 652a ); and any additional sectors identified by the Administrator pursuant to subparagraph (D). The term eligible costs means— payroll, construction, permitting, and other capital costs associated with— the development of a site located in a rural area industrial park for a business that manufactures goods that are essential to critical infrastructure sectors at such site; and the expansion of such a site for purposes of employing a larger workforce at such site; and any other costs the Administrator determines to be appropriate. . There is authorized to be appropriated to the Administrator of the Small Business Administration $2,000,000,000, which shall be authorized to remain available until expended, to carry out paragraph
(38)of section 7(a) of the Small Business Act ( 15 U.S.C. 636(a) ), as added by subsection (a). Of the unobligated balances of amounts made available under the heading Small Business Administration—Business Loans Program Account, CARES Act , for carrying out paragraphs
(36)and
(37)of section 7(a) of the Small Business Act ( 15 U.S.C. 636(a) ), $2,000,000,000 are hereby rescinded.
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