October 10, 2016
SBA adds 2,015 HUBZones, including 516 in Puerto Rico
Source: Set-Aside ALERT, Alice Lipowicz, September 23, 2016
The Small Business Administration removed what it said was an unnecessary requirement in the Historically Underutilized Business Zone (HUBZone) program, allowing for a major expansion of the program. As a result, SBA added 2,015 new HUBZones nationwide, including 516 in Puerto Rico
The SBA recently announced it would no longer apply a 20% population cap when determining which census tracts in a given area would qualify as HUBZones. Under that practice, only the census tracts for 20% of the population of a given metropolitan area were eligible for HUBZones.
The SBA said the cap was put in place by the Department of Housing and Urban Development solely to inform the Internal Revenue Service’s enforcement of the Low-Income Housing Tax Credit.
SBA determined it was more appropriate to not apply the population cap to the HUBZone program in order to be consistent with the goals of the HUBZone program. READ MORE….
Does our business in a HUBZone? Contact your nearest PTAC to learn more about government contracting and how these new changes could affect your business.
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