Washington, DC – Today, Congresswoman Carol Shea-Porter voted for the Small Business Research and Innovation Act (H.R. 2965). The bill, which passed the House 386 to 41, will help create jobs by supporting small business innovation in research and technology.
“For America to maintain its competitive advantage, we must continue to create innovative, high-quality products,” said Congresswoman Shea-Porter. “This bill will create millions of new American jobs by providing small businesses with the tools they need to stay at the forefront of new technology.”
The Small Business Research and Innovation Act modernizes the government’s largest small business research and development programs, the Small Business Innovation Research (SBIR) program and the Small Business Technology Transfer (STTR) program. The bill more than doubles the amount of federal grants available to small businesses and helps small businesses employ cutting-edge research.
“Small businesses are the heartbeat of our nation’s economy and they must succeed,” Shea-Porter added.
Since 1992, the SBIR and STTR programs have awarded 65,000 grants to small companies that are leading research efforts to cure diseases, strengthen national defense, and reduce our nation’s dependence on foreign energy sources. Without Congressional action, both programs are set to expire this month.