U.S. Rep. Velazquez introduces bill to incentivize Puerto Rico small businesses
Would extend ‘same opportunities’ to subcontractors
SAN JUAN — U.S. House Small Business Committee Chairwoman Nydia M. Velázquez (D-NY) introduced Thursday H.R. 3372, the Small Business Contracting Credit Act of 2019, to incentivize contracting opportunities for small businesses in Puerto Rico.
Cosponsored by Rep Gilbert Cisneros Jr. (D-CA), Velázquez’s bill would increase economic opportunity by spurring investment in local businesses as the island recovers from hurricanes Irma and Maria, according to a statement from Velazquez’s office.
H.R. 3372 builds off a measure Velázquez incorporated into the John S. McCain National Defense Authorization Act of 2019. That provision grants federal agencies the ability to double the value of the contracts awarded to Puerto Rican small businesses for the purposes of obtaining credit toward the small business prime contracting goal of 23 percent. H.R. 3372 would extend “the same opportunities” to subcontractors.
“Just like on the Mainland, small businesses in Puerto Rico deserve a level playing field to compete for and to win opportunities to do business with the federal government,” Velázquez said. “The Small Business Contracting Credit Act of 2019 is a commonsense measure to build upon current law and offer more opportunities to the small firms that make up the backbone of Puerto Rico’s economy.”