The purpose of this section is to make grants to covered entities to help those covered entities continue the necessary work of supporting minority business enterprises.
Not later than 180 days after November 15, 2021, the Under Secretary shall designate an office to make and administer grants under this section.
In designating an office under paragraph (1), the Under Secretary shall ensure that the office designated has adequate staffing to carry out the responsibilities of the office under this section.
A covered entity desiring a grant under this section shall submit to the Under Secretary an application at such time, in such manner, and containing such information as the Under Secretary may require.
The Under Secretary shall, in carrying out this section, prioritize granting an application submitted by a covered entity that is located in a federally recognized area of economic distress.
A covered entity to which a grant is made under this section may use the grant funds to support the development, growth, or retention of minority business enterprises.