FAST Fix Act of 2021

To modify the Federal and State Technology Partnership Program of the Small Business Administration, and for other purposes. 1. Short title This Act may be cited as the FAST Fix Act of 2021 2. Federal and State Technology Partnership Program Section 34 of the Small Business Act ( 15 U.S.C. 657d (1) in subsection (a), by adding at the end the following: (11) Underperforming State The term underperforming State ; (2) in subsection (c)— (A) in paragraph (1)— (i) in subparagraph (E)— (I) in clause (iii), by striking and (II) in clause (iv), by striking the period at the end and inserting ; and (III) by adding at the end the following: (v) to prioritize applicants located in an underperforming State. ; (B) in paragraph (2)(B)(vi)— (i) in subclause (II), by striking and (ii) by adding at the end the following: (IV) located in an underperforming State; and ; (C) in paragraph (3), by striking Not more than one proposal There is no limit on the number of proposals that (D) by adding at the end the following: (6) Additional assistance for underperforming States Upon application by a recipient that is located in an underperforming State, the Administrator may— (A) provide additional assistance to the recipient; and (B) waive the matching requirements under subsection (e)(2). ; (3) in subsection (e)— (A) in paragraph (2)— (i) in subparagraph (A)— (I) by inserting and STTR first phase (II) in clause (i), by striking 50 25 (III) in clause (ii), by striking 1 dollar 75 cents (IV) in clause (iii), by striking 75 50 (ii) in subparagraph (D), by striking , beginning with fiscal year 2001 and make publicly available on the website of the Administration, beginning with fiscal year 2022 (iii) by adding at the end the following: (E) Payment The non-Federal share of the cost of an activity carried out by a recipient may be paid by the recipient over the course of the period of the award or cooperative agreement. ; and (B) by adding at the end the following: (4) Amount of award In carrying out the FAST program under this section— (A) the Administrator shall make and enter into awards or cooperative agreements; (B) each award or cooperative agreement described in subparagraph (A) shall be for not more than $500,000, which shall be provided over 2 fiscal years; and (C) any amounts left unused in the third quarter of the second fiscal year may be retained by the Administrator for future FAST program awards. (5) Reporting Not later than 6 months after receiving an award or entering into a cooperative agreement under this section, a recipient shall report to the Administrator— (A) the number of awards made under the SBIR or STTR program; (B) the number of applications submitted for the SBIR or STTR program; (C) the number of consulting hours spent; (D) the number of training events conducted; and (E) any issues encountered in the management and application of the FAST program. ; (4) in subsection (f)— (A) in paragraph (1)— (i) in the matter preceding subparagraph (A)— (I) by striking Small Business Innovation Research Program Reauthorization Act of 2000 FAST Fix Act of 2021 (II) by inserting and Entrepreneurship of the Senate (ii) in subparagraph (B), by striking and (iii) in subparagraph (C), by striking the period at the end and inserting ; and (iv) by adding at the end the following: (D) a description of the process used to ensure that underperforming States are given priority application status under the FAST program. ; and (B) in paragraph (2)— (i) in the paragraph heading, by striking Annual Biennial (ii) in the matter preceding subparagraph (A), by striking annual biennial (iii) in subparagraph (B), by striking and (iv) in subparagraph (C), by striking the period at the end and inserting a semicolon; and (v) by adding at the end the following: (D) the proportion of awards provided to and cooperative agreements entered into with underperforming States; and (E) a list of the States that were determined by the Administrator to be underperforming States, and a description of any changes in the list compared to previously submitted reports. ; (5) in subsection (g)(2)— (A) by striking 2004 2022 (B) by inserting and Entrepreneurship of the Senate (6) in subsection (h)(1), by striking $10,000,000 for each of fiscal years 2001 through 2005 $20,000,000 for every 2 fiscal years between fiscal years 2022 through 2026, to be obligated before the end of the second fiscal year

Summary: FAST Fix Act of 2021 This bill modifies provisions governing the administration of the Federal and State Technology Partnership (FAST) program. Specifically, the bill encourages FAST program grants to be awarded to small businesses in underperforming states by requiring the Small Business Administration (SBA) to prioritize such applicants and authorizing the SBA to provide additional assistance to such applicants. The bill defines underperforming states as being the 18 states that receive the fewest Small Business Innovation Research and Small Business Technology Transfer awards. Additionally, the bill removes the limit on the number of proposals that may be submitted for inclusion in the FAST program to provide services in any one state. The bill also lowers the matching requirements for the bottom tier of FAST recipients, sets limits on the amount of each award, and extends the period for distribution of grants to two years.