§5708 — Title 12 Banks and Banking | U.S. Code

Summary

The Secretary must work with the Small Business Administration and the federal banking agencies. The Secretary must set basic national rules for approved State programs, give technical help and share best ideas with States, run and protect the Program, and watch over approved State programs, including their cash flows, performance, and compliance. The Treasury provides $1,500,000,000 for the Program, including administration costs. The Secretary’s powers to run the Program end after the 7-year period that starts March 11, 2021. For the 1-year period starting March 11, 2021, the Secretary may make contracts without following other public contract laws. Of the 2021 funds, $500,000,000 may be used to help States give legal, accounting, and financial advice (prioritizing very small and socially and economically disadvantaged businesses), to transfer money to the Minority Business Development Agency for similar help, and to hire firms (again prioritizing disadvantaged-owned firms) for that work.

Title 12, §5708

Banks and Banking — Source: USLM XML via OLRC

(a)The Secretary shall—

(1)consult with the Administrator of the Small Business Administration and the appropriate Federal banking agencies on the administration of the Program;

(2)establish minimum national standards for approved State programs;

(3)provide technical assistance to States for starting State programs and generally disseminate best practices;

(4)manage, administer, and perform necessary program integrity functions for the Program; and

(5)ensure adequate oversight of the approved State programs, including oversight of the cash flows, performance, and compliance of each approved State program.

(b)There is hereby appropriated to the Secretary, out of funds in the Treasury not otherwise appropriated, $1,500,000,000 to carry out the Program, including to pay reasonable costs of administering the Program.

(c)The authorities and duties of the Secretary to implement and administer the Program shall terminate at the end of the 7-year period beginning on March 11, 2021.

(d)During the 1-year period beginning on March 11, 2021, the Secretary may enter into contracts without regard to any other provision of law regarding public contracts, for purposes of carrying out this chapter.

(e)Of the amounts appropriated for fiscal year 2021 to carry out the Program, $500,000,000 may be used by the Secretary to—

(1)provide funds to States to carry out a technical assistance plan under which a State will provide legal, accounting, and financial advisory services, either directly or contracted with legal, accounting, and financial advisory firms, with priority given to business enterprises owned and controlled by socially and economically disadvantaged individuals, to very small businesses and business enterprises owned and controlled by socially and economically disadvantaged individuals applying for—

(A)State programs under the Program; and

(B)other State or Federal programs that support small businesses;

(2)transfer amounts to the Minority Business Development Agency, so that the Agency may use such amounts in a manner the Agency determines appropriate, including through contracting with third parties, to provide technical assistance to business enterprises owned and controlled by socially and economically disadvantaged individuals applying to—

(A)State programs under the Program; and

(B)other State or Federal programs that support small businesses; and

(3)contract with legal, accounting, and financial advisory firms (with priority given to business enterprises owned and controlled by socially and economically disadvantaged individuals), to provide technical assistance to business enterprises owned and controlled by socially and economically disadvantaged individuals applying to—

(A)State programs under the Program; and

(B)other State or Federal programs that support small businesses.

Notes & Related Subsidiaries

Amendments

2021—Subsecs. (c), (d). Pub. L. 117–2, § 3301(a)(1)(F), substituted “

March 11, 2021” for “

September 27, 2010”. Subsec. (e). Pub. L. 117–2, § 3301(d), added subsec. (e).

Statutory Notes and Related Subsidiaries

Effective Date

of 2021 AmendmentAmendment by Pub. L. 117–2 applicable with respect to funds appropriated under section 3301 of Pub. L. 117–2 and funds appropriated on and after Mar. 11, 2021, see section 3301(g) of Pub. L. 117–2, set out as a note under section 5701 of this title.

§5708 Implementation and Administration

Summary

Title 12, §5708

Notes & Related Subsidiaries

Amendments

Statutory Notes and Related Subsidiaries

Effective Date

Citations & Metadata