118 S2996 IS: Rural Microentrepreneur Assistance Act of 2023 U.S. Senate 2023-09-29 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.

II118th CONGRESS1st SessionS. 2996IN THE SENATE OF THE UNITED STATESSeptember 29 (legislative day, September 22), 2023Mr. Ricketts (for himself and Ms. Smith) introduced the following bill; which was read twice and referred to the Committee on Agriculture, Nutrition, and ForestryA BILLTo amend the Consolidated Farm and Rural Development Act to extend and enhance the Rural Microentrepreneur Assistance Program, and for other purposes.

1.

Short title

This Act may be cited as the Rural Microentrepreneur Assistance Act of 2023.

2.

Increase in funding for the Rural Microentrepreneur Assistance Program

Section 379E of the Consolidated Farm and Rural Development Act (7 U.S.C. 2008s) is amended—(1)in subsection (a)(4), by striking $50,000 and inserting $75,000;(2)in subsection (b)(3), by adding at the end the following:(E)

Use of funds

A microloan made by a microenterprise development organization to a microentrepreneur under this paragraph for a project may be used to cover not more than 50 percent of any demolition, construction, or related costs of real estate improvements under the project.;(3)in subsection (c)(1)(A), by striking 75 percent and inserting 100 percent; and(4)in subsection (d), by striking 2019 through 2023 and inserting 2024 through 2028.