117 S5022 IS: Childcare Development of Employee Solutions for Early Rearing in Towns with Shortages Act U.S. Senate 2022-09-29 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

II117th CONGRESS2d SessionS. 5022IN THE SENATE OF THE UNITED STATESSeptember 29, 2022Ms. Ernst (for herself, Mr. Grassley, Mr. Scott of South Carolina, and Mr. Peters) introduced the following bill; which was read twice and referred to the Committee on Small Business and EntrepreneurshipA BILLTo allow recipients of certain loans made or guaranteed by the Small Business Administration to use the loan proceeds to provide childcare services to employees, and for other purposes.

1.

Short title

This Act may be cited as the Childcare Development of Employee Solutions for Early Rearing in Towns with Shortages Act or the Childcare DESERTS Act.

2.

Childcare services as allowable expense under business loan and 504/CDC loan programs

(a)

Business loans

Section 7(a) of the Small Business Act (15 U.S.C. 636(a)) is amended by adding at the end the following:(38)

Childcare services

The Administration may guarantee loans under this subsection to a small business concern for which the proceeds are used to provide childcare services to members of the immediate family of employees of the small business concern..(b)

504/CDC loans

Section 502(1) of the Small Business Investment Act of 1958 (15 U.S.C. 696(1)) is amended—(1)by striking borrower to and inserting the following:borrower—(A)to;(2)in subparagraph (A), as so designated, by striking and for a and inserting the following:; and(B)for—(i)a; and(3)in subparagraph (B), as so designated—(A)in clause (i), by striking the period at the end and inserting ; or; and(B)by adding at the end the following:(ii)providing childcare services to members of the immediate family of employees of the small business concern..(c)

Regulations

Not later than 180 days after the date of enactment of this Act, the Administrator of the Small Business Administration, in partnership with the Assistant Secretary of the Administration for Children and Families, shall issue regulations to implement the amendments made by this Act.