§9561 Grants to nonprofit organizations that support minority business enterprises

Summary

Provides grants to private nonprofit groups that help minority-owned businesses stay open and grow. A "covered entity" is a tax-exempt nonprofit (under certain 501(c) rules) whose main work is helping minority businesses through education, grants, loans, or similar services. The Under Secretary must pick an office to give and run the grants within 180 days after November 15, 2021, and make sure it has enough staff. Nonprofits must apply as the Under Secretary asks. Priority will go to nonprofits in federally recognized areas of economic distress. Grants can be used to develop, grow, or keep minority businesses. The Under Secretary must set rules to prevent waste, fraud, and abuse and to fund a variety of groups (including national or community groups, those with budgets under $1,000,000, and those serving low-income or rural areas). The Inspector General must audit the grants and report to Congress within 180 days after grant-making starts. The Under Secretary must report to Congress starting 90 days after the office is designated and then every 30 days, listing the number of grants, where they went by state and county, demographic information about the businesses served (if available), and the industries served.