Senate Passes Small Business Innovation Plan
The Senate has unanimously passed two small-business research programs originally sponsored by former chairman, Senator John Kerry (D-MASS).
The Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs under the Small Business Administration offer competitive awards to innovative small businesses. Today’s vote has reauthorized both programs for eight years, keeping them active through at least Sept. 30, 2017.
Small businesses awarded funding through SBIR or STTR work through three incremental phases. Today’s legislation will increase the awards from $100,000 to $150,000 for Phase I and from $750,000 to $1 million for Phase II.
“This is a shot in the arm for small businesses in Massachusetts and throughout the country,” said Kerry. “This vote ensures that these programs do not lapse so that small, high-tech firms…can continue to utilize them to develop technologies to keep our military strong, advance medical breakthroughs, and develop energy sources that are renewable and clean.”
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