U.S. Sen. David Vitter (R-La.), Chairman of the Small Business & Entrepreneurship Committee, and Sen. Angus King (I-Maine), a member of the Senate Armed Services Committee, this week introduced S. 1292, the “HUBZone Revitalization Act of 2015.” Their legislation would expand the Historically Underutilized Business Zones (HUBZone) status to qualified disaster areas, as well as areas impacted by military base closures.
“Louisianians understand better than most exactly what it takes to go through and recover from a major disaster, which is why it is important to provide economic support and business development opportunities to help employers in disaster-struck communities,” said Vitter. “Designating HUBZones in struggling areas can make a huge difference helping local economies recover by getting businesses back on their feet, and this legislation will give many small businesses the tools they need to rebuild, recover, and bring jobs back.”
Vitter and King’s legislation would ensure that qualified areas affected by major disasters would be eligible for HUBZone status for five years, and catastrophic disasters for ten years. Additionally, it waives certain requirements of the HUBZone program in order for businesses in communities affected by Base Realignment And Closure (BRAC) to qualify for the program.