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S5634FEDERALFederal Billfiled
High Impact

Small Business Opportunity Grants Act of 2024

Record date · December 19, 2024

Bill progressHistory & official text ↓
Introduced
Committee
Floor Vote
Passed
Law

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What This Bill Would Do

This bill directs the Small Business Administration (SBA) to create a new grant program providing up to $20,000 each to eligible small businesses and specific types of lenders. The program targets businesses in underserved areas, new startups, and those owned by socially or economically disadvantaged individuals, veterans, women, or people with disabilities.

Why it matters

If passed, this bill would authorize federal funding for up to 1,000,000 small business grants in 2025, potentially providing direct financial support to a wide range of historically underserved entrepreneurs.

Background
  • Senator Markey is a U.S. Senator representing Massachusetts. context
  • The Small Business Administration is a federal agency that provides support to entrepreneurs and small businesses through loans, loan guarantees, and counseling. context

Who It Would Affect

Groups the bill's text would affect if enacted, as described in the record. Being affected is not a position for or against it.

Directly affected

Small business owners

Eligible small business owners may apply for grants of up to $20,000.

Directly affected

Community development financial institutions

These lenders are eligible to receive grants and technical assistance to facilitate the program.

Directly affected

Small Business Administration

The agency is tasked with establishing the grant program, promulgating regulations, and managing data collection and reporting.

Key Facts

You don't have to trust us. Each fact below is taken straight from the official document - click any one to see the exact passage, highlighted in the original.

Frequently Asked Questions

Who is eligible to receive a grant?
Eligible recipients include new businesses, businesses in low-to-moderate income or rural areas, and businesses owned by women, veterans, individuals with disabilities, formerly incarcerated individuals, or socially and economically disadvantaged individuals.
How much money can a business receive?
The bill caps the amount of a grant awarded to an eligible recipient at $20,000.
Will my personal information be made public if I receive a grant?
The SBA is required to publish data on grant recipients, but the bill explicitly mandates that the agency take all necessary steps to protect the privacy of individuals' personally identifiable information.

What else do you want to know?

News Coverage

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Where This Stands

Currently filed. The next step in the legislative lifecycle is Committee.

Version history

Only one version on file - nothing to compare yet. As later stages (committee substitute, engrossed, enrolled) are captured, the redline appears here.

View official text →

Full breakdown

Who this bill affects and the strongest case for and against it, written only from the bill’s own text.

Discoveries

1 pattern noticed across the record

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

policy shift100% confidence

Inclusion of formerly incarcerated individuals

The bill explicitly includes business owners who have completed a term of imprisonment as an eligible category, marking a specific focus on reentry support.

Small Business Administration

Connected Entities

Riegle Community Development and Regulatory Improvement Act of 1994, Small Business Administration, Financial Institutions Reform, Recovery, and Enforcement Act of 1989 and 3 more
otherRiegle Community Development and Regulatory Improvement Act of 1994“Defines 'community development financial institution'.”Map →
OrganizationSmall Business Administration“The agency administering the grant program.”Map →
otherFinancial Institutions Reform, Recovery, and Enforcement Act of 1989“Defines 'minority depository institution'.”Map →
OrganizationBureau of the Census“Defines 'rural area'.”Map →
PersonMarkey“Senator Markey introduced the bill.”Map →
otherAmericans with Disabilities Act of 1990“Defines 'disability'.”Map →

Sources

Open source document

www.congress.gov

Analysis Score

0–100
  • Significance85
    How much this matters to a regular citizen
  • Controversy40
    Intensity of disagreement among stakeholders
  • Entertainment10
    Compellingness for a non-policy-wonk reader
  • Buzz30
    Current news / social attention level

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