Puerto Rico Small Business Assistance Act of 2019

This bill expands funding and support for small businesses that have their principal office in Puerto Rico.

Specifically, the bill

• increases the total amount of loans outstanding and committed to any microloan intermediary if at least 20% of the intermediary's loans are made to such businesses;
• waives the Small Business Administration (SBA) Microloan Program's limit on an intermediary's spending on technical assistance for prospective borrowers if 25% of the intermediary's loans are made to these businesses
• requires the Government Accountability Office to report on intermediary participation;
• reduces or eliminates SBA fees on certain loans to such businesses; and
• gives federal contract preference to such businesses.

The SBA shall establish (1) a Veteran Business Outreach Center in Puerto Rico, and (2) a temporary Federal and State Technology (FAST) grant program to provide assistance to Puerto Rico businesses.