JOB CREATION AND COMMUNITY BENEFIT.

SEC. 603. JOB CREATION AND COMMUNITY BENEFIT. Section 7(a)(21) of the Small Business Act (15 U.S.C. 636(a)(21)) is amended by adding at the end the following new subparagraph: “(E) Job creation and community benefit.— In providing assistance under this paragraph, the Administration shall develop procedures to ensure, to the maximum extent practicable, that such assistance is used for projects that— “(i) have the greatest potential for— “(I) creating new jobs for individuals whose employment is involuntarily terminated due to reductions in Federal defense expenditures; or “(II) preventing the loss of jobs by employees of small business concerns described in subparagraph (A)(i); and 108 STAT. 4203 “(ii) have substantial potential for stimulating new economic activity in communities most affected by reductions in Federal defense expenditures.”.