Growing And Reviving Rural Economies Through Transitioning HUBZone Redesignation Act of 2016
This bill amends the Small Business Act with respect to Historically Underutilized Business Zones (HUBZones) located in qualified census tracts, qualified nonmetropolitan counties, or redesignated areas, which are census tracts or nonmetropolitan counties that cease to meet the ordinary criteria for the HUBZone program but are "redesignated" to qualify for it.
The bill increases the length of time a census tract or nonmetropolitan county may be redesignated to qualify for HUBZone status from three years to seven years after the date on which the area ceased to meet the ordinary criteria.