; (2) minority business enterprises located in low-income areas or areas that have been significantly impacted by the COVID–19 pandemic; and (3) minority business enterprises that do not have access to capital and whose business is substantially impaired because of the impact of stay-at-home orders implemented by State and local governments due to the COVID–19 pandemic. (d) Terms and conditions (1) In general The Secretary of Commerce, acting through the Minority Business Development Agency, shall set such terms and conditions for the grants made under this section as the Secretary determines appropriate. (2) Notification No later than 15 days prior to making any grants under this section, the Secretary, acting through the Agency, shall provide the terms and conditions for grants made under this section to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate. (e) GAO oversight Not later than six months after the date of enactment of this Act, the Comptroller General of the United States shall provide a report on the effectiveness of the grants made under this section, including the manner in which the Agency implemented the priorities described in subsection (c). (f) Definitions In this section: (1) Minority The term minority has the meaning given the term in section 308(b) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 and includes any indigenous person in the United States or the territories of the United States. (2) Minority business enterprise The term minority business enterprise means a for-profit business enterprise— (A) that is not less than 51 percent-owned by 1 or more minority individuals