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Bill

HR 8343

To amend the Small Business Act to require the Administrator of the Small Business Administration to establish a program for small business concerns owned and controlled by Pacific territories residents, and for other purposes.

119th Congress Introduced by Jim Moylan and 1 co-sponsor

The bill would require SBA to create a dedicated program to help Pacific territories residents’ small businesses access federal contracts, financing, and technical support.

Introduced in House
0
WeVote Research Nonpartisan
Bill Summary · HR 8343

Summary of HR 8343 (119th Congress)

Title

To amend the Small Business Act to require the Administrator of the Small Business Administration to establish a program for small business concerns owned and controlled by Pacific territories residents, and for other purposes.

Purpose and intent

  • The bill aims to expand SBA support to small business concerns that are owned and controlled by residents of Pacific territories.
  • It directs the Small Business Administration (SBA) to establish a dedicated program to assist these small businesses, with the goal of increasing access to federal contracting opportunities, financing, and technical assistance specific to Pacific territories residents.

Key provisions (proposed, as described)

While the full text is not provided here, the bill’s central thrust includes:
- Amendments to the Small Business Act to create a new program under the SBA focused on Pacific territories–owned and controlled small businesses.
- Requirements for the SBA Administrator to establish program-specific elements, which typically may include:
- Eligibility criteria for small businesses in Pacific territories.
- Access to federal contracting opportunities and set-asides for program participants.
- Technical assistance, mentorship, and training tailored to the needs of Pacific territories businesses.
- Access to financing or loan guarantees, and other SBA financing tools as applicable.
- Outreach and certification processes to identify and verify eligible businesses.
- Possible coordination with local authorities or territorial governments to implement the program.
- Reporting or oversight provisions to ensure program effectiveness and compliance with federal guidelines.

Who would be affected

  • Small businesses that are owned and controlled by residents of Pacific territories (e.g., territories under U.S. jurisdiction in the Pacific region).
  • Entities seeking SBA assistance in the form of contracting opportunities, financing, and technical support.
  • Potentially, non-territorial businesses partnering with Pacific territories residents to participate in the program.

Procedural and timeline aspects

  • Action history indicates:
    • Introduced in the House on April 16, 2026.
    • Referred to the House Committee on Small Business on April 16, 2026.
  • As a House bill, it would need to pass the House and then move to the Senate for consideration. If enacted, federal regulations or SOPs would be developed to implement the new program, with potential regulatory timelines defined by the SBA and related agencies.
  • Any final enactment would require presidential signature to become law.

Potential impact and considerations

  • Positive impact: Improved access to SBA programs for Pacific territories residents, potentially increasing small business formation, survival, and employment in the territories; greater participation in federal contracting and access to capital.
  • Implementation considerations: Adequate funding for the new program, clear eligibility criteria, proper coordination with territorial governments, and measurable performance metrics to assess effectiveness.
  • Equity and outreach: The program would likely include targeted outreach and certification to ensure eligible businesses are aware of and able to participate in SBA offerings.

If you’d like, I can tailor this summary to include hypothetical program components (e.g., specific funding levels, set-aside percentages, or timeline milestones) based on common SBA program structures, or pull in the latest publicly available text once it’s released.

Compiled from official sources — confirm details with the bill’s official record.

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