Section 1 Short title
This Act may be cited as the “Growing And Reviving Rural Economies Through Transitioning HUBZone Redesignation Act of 2016”.
Growing And Reviving Rural Economies Through Transitioning HUBZone Redesignation Act of 2016
A BILL
To amend the Small Business Act to reform the HUBZone program, and for other purposes.
Sec. 2 HUBZone reforms
Redesignated areas— Section 3(p) of the Small Business Act (15 U.S.C. 632(p)) is amended in paragraph (4)(C), by striking “until the later of” and all that follows and inserting “for the 7-year period following the date on which the census tract or nonmetropolitan county ceased to be so qualified.”.
Applicability— The amendment made by subsection (a) shall apply to any census tract or nonmetropolitan county that is a redesignated area or becomes a redesignated area under section 3(p)(4)(C) of the Small Business Act (15 U.S.C. 632(p)(4)(C)) on or after the date of enactment of this Act.