H.R. 4931 · 116th Congress
Incubator Act of 2019
- Stage
- In committee
- Sponsor
- Tim Ryan
- Introduced
- 2019-10-30
- Latest action
- 2019-10-31 · Referred to the Subcommittee on Economic Development, Public Buildings, and Emergency Management.
Summary
Incubator Act of 2019
This bill requires the Department of Commerce to establish a grant program to provide financial assistance to support the growth and success of business incubators.
Commerce shall (1) award such grants competitively; (2) take into account factors such as population, unemployment level, and business creation metrics, as well as giving priority to applicants located in opportunity zones (low-income communities); and (3) award no more than $5 million to applicants in a single state and no more than $500,000 to a single grantee during a fiscal year. An entity receiving a grant may use the funds for operating expenses but may not use the funds for capital expenditures.