Childcare DESERTS Act

Section 7(a) of the Small Business Act (15 U.S.C. 636(a)) is amended by adding at the end the following:

The Administration may guarantee loans under this subsection to a small business concern for which the proceeds are used to provide childcare services to members of the immediate family of employees of the small business concern.

Section 502(1) of the Small Business Investment Act of 1958 (15 U.S.C. 696(1)) is amended—

(1) by striking borrower to and inserting the following: borrower—

(A) to;

(2) in subparagraph (A), as so designated, by striking and for a and inserting the following:; and

(B) for—

(i) a; and

(3) in subparagraph (B), as so designated—

(A) in clause (i), by striking the period at the end and inserting; or; and

(B) by adding at the end the following:

(ii) providing childcare services to members of the immediate family of employees of the small business concern.

Not later than 180 days after the date of enactment of this Act, the Administrator of the Small Business Administration, in partnership with the Assistant Secretary of the Administration for Children and Families, shall issue regulations to implement the amendments made by this Act.