Us Congress 2023-2024 Regular Session

Us Congress Senate Bill SB1003

Introduced
3/28/23  

Caption

FAST Fix Act of 2023

Impact

If enacted, the FAST Fix Act would significantly impact the funding landscape for small businesses by ensuring that states recognized as underperforming receive greater federal assistance. Through the modification of award amounts and the reduction of matching fund requirements for select applicants, the bill seeks to stimulate entrepreneurship in these regions. The legislation sets a maximum award amount of $500,000 over two fiscal years, allowing for more flexibility in the financial management of these grants. This will potentially attract more innovative proposals from states that typically struggle with securing federal funding.

Summary

SB1003, known as the FAST Fix Act of 2023, aims to modify the Federal and State Technology Partnership Program administered by the Small Business Administration (SBA). This legislation intends to enhance support for small businesses, particularly in underperforming states, by revising existing criteria for awarding federal grants and cooperative agreements under the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs. It emphasizes prioritizing applicants located in underperforming states, thereby promoting regional economic growth and innovation.

Contention

Discussions around SB1003 have raised important considerations regarding the definition and criteria for determining underperforming states. Critics may argue that this could inadvertently favor certain regions over others, potentially shifting funding away from more successful businesses in better-performing states. Moreover, the bill calls into question the effectiveness of directing more resources to already disadvantaged regions, as aspects of implementation and accountability will be crucial to ensure proper use of funds. Stakeholders, including small business advocates and state officials, will need to collaborate on how best to deploy these additional resources without undermining existing programs or creating unintended disparities.

Companion Bills

No companion bills found.

Previously Filed As

US SB1396

Research Advancing to Market Production for Innovators Act

US HB4689

FASTER Act of 2023 Facilitating America’s Siting of Transmission and Electric Reliability Act of 2023

US SB1158

Health Savings Act of 2023

US HB2798

CFPB Transparency and Accountability Reform Act Transparency in CFPB Cost-Benefit Analysis Act CFPB Dual Mandate and Economic Analysis Act CFPB Whistleblower Incentives and Protection Act Making the CFPB Accountable to Small Businesses Act of 2023 CFPB–IG Reform Act of 2023 Bureau of Consumer Financial Protection-Inspector General Reform Act of 2023 TABS Act of 2023 Taking Account of Bureaucrats’ Spending Act of 2023

US HB1729

Water Affordability, Transparency, Equity, and Reliability Act of 2023

US HB3056

Research Advancing to Market Production for Innovators Act

US HB1792

South Pacific Tuna Treaty Act of 2023

US SB1227

FISH Act of 2023 Fighting Foreign Illegal Seafood Harvests Act of 2023

US HB1643

New Deal for New Americans Act of 2023

US HB2604

Family Violence Prevention and Services Improvement Act of 2023

Similar Bills

No similar bills found.