Section 1: Purpose

 The Small Business Fair Competition and Compliance Act is enacted to foster fair competition, promote small business growth, and ensure a level playing field in the marketplace. This bill aims to provide specific funding measures and penalties for noncompliance to support small businesses and hold large corporations accountable for fair business practices.

Section 2: Definitions

 (a) Small Business: For the purpose of this Act, a small business is defined as a business entity that meets the criteria set forth by the Small Business Administration (SBA) for size standards and classifications.

Section 3: Access to Capital and Support

(a) Small Business Loan Programs:

• The Act expands funding for small business loan programs, including the Small Business Administration's 7(a) and 504 loan programs, by allocating an additional $X billion.

• Provides targeted grants to support access to capital for underserved small businesses, such as minority-owned, women-owned, veteran-owned, and rural enterprises.

• Establishes loan guarantee programs to incentivize financial institutions to provide favorable lending terms to small businesses.

(b) Small Business Investment Fund:

• Creates a Small Business Investment Fund, allocating $X billion to support venture capital investments in small businesses.

• Provides tax incentives for venture capital firms and angel investors who invest in small businesses, encouraging private sector capital flow into small business ventures.

Section 4: Procurement Opportunities and Fair Competition

(a) Government Contracts:

• Sets a minimum percentage goal of X% for federal government contracts to be awarded to small businesses.

• Strengthens enforcement mechanisms to ensure compliance with small business set-asides.

• Requires federal agencies to provide justifications for not meeting small business contracting goals and take corrective actions.

(b) Preferences and Exclusive Contracts:

• Enhances preferences for small businesses in government contracting by reserving a minimum percentage of contracts exclusively for small businesses.

• Mandates that large corporations must subcontract a minimum percentage of their government contracts to small businesses.

• Establishes a pilot program for small businesses to bid on exclusive contracts within specified industries, fostering opportunities for growth and innovation.

(c) Penalties for Noncompliance:

• Imposes penalties on large corporations that fail to comply with set-aside requirements, subcontracting obligations, or engage in unfair competition practices.

• Penalties may include monetary fines, contract disqualification, suspension from government contracts, and reputational damage.

• Empowers regulatory agencies and small businesses to report noncompliance and seek redress for damages caused by noncompliant large corporations.

• Establishes a compliance oversight agency with enforcement powers to monitor and investigate violations.

Section 5: Regulatory Relief and Compliance

 (a) Small Business Regulatory Exemptions:

• Establishes a Small Business Regulatory Exemptions Task Force to identify and review regulations that disproportionately burden small businesses.

• Streamlines compliance requirements for small businesses, particularly in areas such as environmental regulations, permitting, and reporting.

(b) Enhanced Regulatory Scrutiny:

• Requires federal agencies to conduct rigorous antitrust and market dominance reviews of large corporations to prevent anti-competitive practices that harm small businesses.

• Strengthens penalties for unfair trade practices and predatory pricing by large corporations that adversely affect small businesses.

Section 6: Reporting, Oversight, and Funding

(a) Reporting and Oversight:

• Requires federal agencies to submit regular reports on small business opportunities, progress, and compliance with the Act's provisions.

• Establishes a Small Business Advancement Committee for congressional oversight, review of agency performance, and recommendation of policy adjustments.

(b) Funding:

• Allocates $X billion in additional funding to support the implementation of this Act's provisions, including small business loan programs, investment funds, regulatory relief efforts, and compliance enforcement measures.

• Ensures equitable distribution of funds to underserved communities, minority-owned businesses, and economically disadvantaged regions.

Section 7: Effective Date This Act shall take effect 90 days after its enactment.