§5708 Implementation and administration

Summary

The Secretary must work with the Small Business Administration and federal banking regulators to run the Program. The Secretary must create minimum national standards for State programs that are approved, give technical help to States, manage and run the Program, protect its integrity, and oversee approved State programs’ cash flows, performance, and rule-following. The Treasury provides $1,500,000,000 to the Secretary to carry out the Program and pay reasonable administration costs. The Secretary’s authority to run the Program ends after the 7-year period beginning on March 11, 2021. For one year starting on March 11, 2021, the Secretary may sign contracts without following other public contracting laws. Of the fiscal year 2021 funds, $500,000,000 may be used to provide technical assistance to very small businesses and to businesses owned and controlled by socially and economically disadvantaged individuals. That money can be given to States to run legal, accounting, and financial help plans, sent to the Minority Business Development Agency to use as it sees fit (including hiring others), or used to hire advisory firms directly. Priority must be given to disadvantaged-owned businesses and very small businesses applying to State programs under the Program or other State or Federal small business programs.