Small Business Innovation and Economic Security Act

Key Points

• This bill keeps two major programs running until September 30, 2031. These programs give federal money to small businesses to help them research and develop new technologies that the government might need, such as advanced medical tools or defense equipment.
• To protect American secrets, the bill requires agencies to check if a small business has risky ties to foreign countries, especially those on specific watch lists related to the Chinese military. If a business is found to be a security risk, the government can deny their application for funding.
• A new Strategic Breakthrough fund will offer much larger awards—up to $30 million—for projects that could lead to major technological leaps. To get this money, businesses must show they have matching funds from private investors or other government sources to prove the project is a solid investment.
• The bill tries to cut down on paperwork by limiting how many proposals a single business can submit each year. It also requires better training for government workers so they know how to actually buy and use the finished products from these small businesses once the research is done.
• Small businesses will get more help with things like cybersecurity and protecting their inventions. The bill increases the amount of money available for these support services to $6,500 for early-stage projects and $50,000 for more advanced research.

Related Bills

No related bills have been identified yet.