The Senate passed legislation to extend the Small Business Innovation Research and Small Business Technology Transfer programs. Here's what it means for businesses.
The Senate has passed legislation to reauthorize a federal program that invests billions of dollars in small businesses every year.
While these types of reauthorizations are coming, there can be consequences for delayed action by lawmakers.has already begun notifying federal agencies about the impending closure “SBIR and STTR represent the best of government-industry partnerships — harnessing the creativity and ingenuity of American entrepreneurs to solve our nation’s most pressing public health and national security challenges,” said Sen. Ben Cardin, D-Md., chairman of the Senate Small Business Committee.
Allowing agencies to recover SBIR and STTR award funds if a business made a material misstatement on its application or if it has made a change of ownership or structure that poses a risk to national security.
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