To amend the Small Business Act to reauthorize and modify the Small Business Innovation Research and Small Business Technology Transfer Research programs, and for other purposes.

Bill 118 hr 10407, also known as the Small Business Innovation Research and Small Business Technology Transfer Research Reauthorization Act, aims to make changes to the Small Business Act in order to reauthorize and modify the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs. These programs provide funding opportunities for small businesses to engage in research and development projects that have the potential for commercialization.

The bill includes provisions to extend the authorization of the SBIR and STTR programs, as well as make modifications to improve their effectiveness. Some of the key changes proposed in the bill include increasing the funding levels for both programs, expanding eligibility criteria for participating small businesses, and streamlining the application and review process.

Additionally, the bill includes provisions to enhance the coordination between the SBIR and STTR programs and other federal research and development initiatives. This includes promoting collaboration between small businesses and research institutions, as well as encouraging the commercialization of research outcomes. Overall, the Small Business Innovation Research and Small Business Technology Transfer Research Reauthorization Act aims to support and promote innovation and technological advancement within small businesses, ultimately contributing to economic growth and job creation.