Small Business Innovation and Economic Security Act became law 41 days after introduction, with one cosponsor, a Democrat

Small Business Innovation and Economic Security Act This act reauthorizes through FY2031 and modifies the Small Business Innovation Research (SBIR) program, the Small Business Technology Transfer (STTR) program, and related pilot programs. (The SBIR and STTR programs are administered by various federal agencies and provide competitive awards for domestic small businesses to conduct research and development projects that have the potential for commercialization.) Specifically, the act expands the requirements for federal agencies administering these programs to evaluate the security risks of the small businesses that apply for awards under the programs. If an agency denies an application for security reasons, the agency must provide the small business with the basis for such determination. Further, each agency must set a maximum number of proposals per fiscal year that a small business concern may submit in response to Phase I and Phase II solicitations. The act expands the training requirements for agencies' contracting officers and acquisition workforce with respect to Phase III (commercialization of technologies) awards under the SBIR and STTR programs. The act also establishes strategic breakthrough allocations for critical technology areas. These are additional Phase II SBIR and STTR awards to small businesses that demonstrate an effective technology and receive matching funds.