Washington, D.C.— Today, House Small Business Committee Chairwoman Nydia M. Velázquez (D-NY) issued the following statement after the House passed the America COMPETES Act of 2022:
“Today, the House took an important step by passing the America COMPETES Act, a bold and comprehensive package that will make our economy and small businesses more competitive. As our country works to recover from the pandemic, we must make significant investments in innovation that help fuel growth. That’s exactly what the COMPETES Act offers.
“The bill features a range of provisions that will help small businesses in the near and long term. Small manufacturers help form the backbone of the American economy. COMPETES will provide them with increased support through programs that provide manufacturing, business, and technical assistance to help these enterprises grow. A modern economy requires a modern workforce. This bill would strengthen the Registered Apprenticeship Program, helping to develop the small business labor force and equip American workers with the skills they need to thrive in the 21st century. For nearly two years, pandemic-induced gaps in the supply chain have hurt small firms. The America COMPETES Act invests $45 billion to make our supply chain more resilient and mitigate future shocks for small businesses.
“COMPETES would also invest billions to revitalize our research infrastructure to ensure the U.S. stays on the cutting edge of technological development. I was proud to contribute to this effort through my amendment for a clean extension of SBA’s Small Business Innovation Research (SBIR) and Small Business Technology Transfer programs (STTR) programs and related pilots. Over the past 40 years, SBIR and STTR have played a role in firms like iRobot, 23&Me, and Qualcomm wireless communications. The programs and pilots are currently set to expire on September 30th, and a program lapse could hurt small firms and hamper our nation’s next best technological breakthrough. Extending these programs will give Congress time to pass a comprehensive reauthorization of the programs and give entrepreneurs the certainty needed to continue to develop their innovations.”
Click here for a section-by-section summary of the bill’s provisions.
Click here for a full list of amendments including Chairwoman Velázquez’s amendment to extend SBIR/STTR
Click here to view a recent letter from 117 small business, university, and economic development groups urging Congress to pass an extension of SBIR/STTR now.