IDEA Act of 2023
- Last Action
- 7/6/2023
Actions
- 2023-07-06Referred to the Committee on Financial Services, and in addition to the Committee on Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
- 2023-07-06Referred to the Committee on Financial Services, and in addition to the Committee on Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
- 2023-07-06Introduced in House
- 2023-07-06Introduced in House
CRS Summary
As of 2023-07-06 (00)
Increasing and Developing Entrepreneurship Access Act of 2023 or the IDEA Act of 2023
This bill requires the Minority Business Development Agency (MBDA) to establish a grant program to provide entrepreneurship opportunities for minority businesses.
These grants shall be awarded to business accelerators for providing (1) capital to minority businesses, (2) networking programs that connect such businesses to sources of capital and innovation, and (3) other appropriate assistance.
The MBDA must submit an annual report on the program that includes the number of grants provided, the number of minority businesses that have received assistance from grant recipients, and a description of any noncompliance by grant recipients.
The bill also establishes penalties (a fine or imprisonment) for a grant recipient that knowingly uses award amounts for any purpose not permitted under the program.
Cosponsors (3)
- Joyce Beatty (D-OH)
- Lizzie Fletcher (D-TX)
- Seth Magaziner (D-RI)
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.