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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Jul 2, 2020.
Minority Business Resiliency Act of 2020
This bill permanently authorizes the Minority Business Development Agency and provides additional funding for the agency to assist minority businesses affected by COVID-19 (i.e., coronavirus disease 2019).
Specifically, the bill requires the agency to (1) promote and administer minority business development programs in the public and private sectors, and (2) carry out programs that increase access to capital, management, and technology for such businesses. The bill provides statutory authority for the agency's existing initiatives. Such initiatives include the Minority Business Development Center Program, which is a national network of public-private partnerships that assist, provide counseling and mentoring to, and facilitate the growth of minority businesses.
The bill also establishes new initiatives to promote resiliency for minority businesses, such as (1) an annual government-business forum to review the status of problems and programs relating to capital formation by minority businesses, (2) an agency study on opportunities to provide alternative financing solutions to minority businesses, and (3) grants to institutions of higher education for developing and implementing entrepreneurship curricula.