Supporting NEW BUSINESSES Act

Bill: 117-s-4206
Sponsor: full_name: Sen. Cortez Masto, Catherine [D-NV]
Introduced: 2022-05-12
Policy area: Commerce
Latest action: action_date: 2022-05-12
text: Read twice and referred to the Committee on Small Business and Entrepreneurship.

Summaries:
action_date: 2022-05-12
action_desc: Introduced in Senate
text: <p><strong>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</strong></p> <p>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.</p>

tv_txt: II 117th CONGRESS 2d Session S. 4206 IN THE SENATE OF THE UNITED STATES May 12, 2022 Ms. Cortez Masto (for herself and Mr. Moran ) introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship A BILL To require the Administrator of the Small Business Administration to provide awards to recognize State and local governments that improve the process of forming a new business, and for other purposes.

1. Short title This Act may be cited as the 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 . 2. Awards for streamlining the process of business formation (a) In general The Small Business Act ( 15 U.S.C. 631 et seq. ) is amended— (1) by redesignating section 49 ( 15 U.S.C. 631 note) as section 50; and (2) by inserting after section 48 ( 15 U.S.C. 657u ) the following: 49. Awards for streamlining the process of business formation (a) In general The Administrator shall, on an annual basis, provide 3 awards to recognize State and local governments that implement innovative and effective policies or tools to streamline processes related to the formation of small business concerns in their communities, of which— (1) 1 award shall be provided to a State or local government that represents a community of not less than 400,000 individuals; (2) 1 award shall be provided to a State or local government that represents a community of not less than 100,000 and less than 400,000 individuals; and (3) 1 award shall be provided to a State or local government that represents a community of less than 100,000 individuals. (b) Application A State or local government seeking an award under subsection (a) shall submit to the Administrator an application at such time, containing such information, and in such manner as the Administrator may require. (c) Considerations In providing an award under subsection (a), the Administrator shall consider whether a State or local government streamlined the process described in subsection (a) by— (1) streamlining or reducing redundancies in paperwork, forms, or other written or online documents required to form a small business concern; (2) consolidating resources available to individuals looking to form a small business concern, such as through the creation of user-friendly online portals; (3) reducing duplication or inconsistencies in requirements between overlapping jurisdictions; or (4) innovatively making necessary procedures more streamlined or efficient. .