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Supporting NEW BUSINESSES Act
12/15/2023, 4:07 PM
Summary of Bill S 1221
Bill 118 s 1221, also known as the Supporting NEW BUSINESSES Act, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to provide support and resources to new businesses in order to help them succeed and grow.
One key aspect of the Supporting NEW BUSINESSES Act is the creation of a grant program that would provide funding to new businesses to help cover start-up costs and other expenses. This grant program would be administered by the Small Business Administration (SBA) and would prioritize businesses that are owned by women, minorities, veterans, or individuals from disadvantaged backgrounds.
Additionally, the bill includes provisions to streamline the process for new businesses to access government contracts and procurement opportunities. This would help new businesses compete more effectively in the marketplace and grow their customer base. The Supporting NEW BUSINESSES Act also aims to provide training and mentorship opportunities for new business owners, helping them develop the skills and knowledge needed to succeed in the competitive business world. This would be done through partnerships with local business organizations and educational institutions. Overall, the Supporting NEW BUSINESSES Act is designed to support and promote the growth of new businesses in the United States, ultimately contributing to job creation and economic growth. It is currently being debated in Congress, with supporters arguing that it will help level the playing field for new businesses and provide them with the resources they need to thrive.
One key aspect of the Supporting NEW BUSINESSES Act is the creation of a grant program that would provide funding to new businesses to help cover start-up costs and other expenses. This grant program would be administered by the Small Business Administration (SBA) and would prioritize businesses that are owned by women, minorities, veterans, or individuals from disadvantaged backgrounds.
Additionally, the bill includes provisions to streamline the process for new businesses to access government contracts and procurement opportunities. This would help new businesses compete more effectively in the marketplace and grow their customer base. The Supporting NEW BUSINESSES Act also aims to provide training and mentorship opportunities for new business owners, helping them develop the skills and knowledge needed to succeed in the competitive business world. This would be done through partnerships with local business organizations and educational institutions. Overall, the Supporting NEW BUSINESSES Act is designed to support and promote the growth of new businesses in the United States, ultimately contributing to job creation and economic growth. It is currently being debated in Congress, with supporters arguing that it will help level the playing field for new businesses and provide them with the resources they need to thrive.
Congressional Summary of S 1221
Supporting New Entrepreneurs and Workers By Undoing and Streamlining Inhibitors to Nascent Enterprises through Supporting Successful Efficiency Solutions Act or the Supporting NEW BUSINESSES Act
This bill requires the Small Business Administration to annually provide awards recognizing three state or local governments that implement innovative and effective policies or tools to streamline processes related to the formation of small business in their communities.
Current Status of Bill S 1221
Bill S 1221 is currently in the status of Bill Introduced since April 20, 2023. Bill S 1221 was introduced during Congress 118 and was introduced to the Senate on April 20, 2023. Bill S 1221's most recent activity was Read twice and referred to the Committee on Small Business and Entrepreneurship. as of April 20, 2023
Bipartisan Support of Bill S 1221
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
0Democrat Cosponsors
0Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 1221
Primary Policy Focus
CommerceComments
Sponsors and Cosponsors of S 1221
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