Reps. Dan Bishop, R-N.C., and William Timmons, R-S.C., introduced the Increasing Opportunities for Small Businesses Act of 2020 (H.R. 8120).
According to Novogradac, the Bill would require the Small Business Administration (SBA) to train representatives on the opportunity zones (OZ) incentive. Trained field representatives would serve as a point of contact for OZ questions and resources, educate elected leaders within their areas and hold an annual seminar in each state to educate managers of qualified opportunity funds, qualified opportunity zone businesses, state and local government officials and other interested persons on how to benefit from OZ investments.
The director of each SBA regional office would be required to submit an annual report on the success of trained field representatives, including any problems and best practices.
Continued positive steps by the House and the White House on directing various federal agencies to prioritize resource allocations and program dollars to help low income areas in various OZs throughout the US, Puerto Rico and the Virgin Islands.