§9561 Grants to Nonprofit Organizations That Support Minority Business Enterprises

Summary

Makes grants to certain tax-exempt private nonprofits that mainly help minority-owned businesses through training, loans, grants, or similar services. A "covered entity" is a nonprofit described under 501(c)(3), (4), (5), or (6) and exempt under 501(a), and that mainly serves minority business enterprises. The Under Secretary must pick an office to run the grants within 180 days after November 15, 2021, and that office must have enough staff. Groups must apply in the form and at the time the Under Secretary requires. The Under Secretary must give priority to applicants in federally recognized areas of economic distress. Grant money can be used to help start, grow, or keep minority businesses. The Under Secretary must set rules to stop waste, fraud, and abuse and to make sure grants go to a range of covered entities, including national groups, local community groups, organizations with budgets under $1,000,000, and groups serving low-income or rural areas. The Department of Commerce Inspector General must audit the grants within 180 days after the grants start and report the results to Congress. The Under Secretary must report to Congress 90 days after naming the office and then every 30 days, listing how many grants were made and giving state and county locations, any available demographic information about the minority businesses served, and the industries those businesses are in.