summary
Introduced
03/09/2020
03/09/2020
In Committee
03/11/2020
03/11/2020
Crossed Over
09/15/2020
09/15/2020
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
STEP Improvement Act of 2020 STEP Improvement Act of 2020 This bill reauthorizes through FY2024 the Small Business Administration's (SBA) State Trade Expansion Program, which provides foreign trade assistance to small businesses, and it revises provisions related to the administration of the program. Specifically, the SBA must establish a time frame for, and provide certain information related to, the application process, and it must conduct an annual survey to solicit feedback on the program. The SBA must collect data on certain performance metrics such as the (1) total number of small businesses assisted by the program, (2) total dollar amount of export sales by participating small businesses, and (3) number of small businesses that have created new jobs through their participation in the program. The bill also requires applicants for participation to include a budget plan that outlines their intended use of funds awarded under the program.
AI Summary
This bill reauthorizes the Small Business Administration's (SBA) State Trade Expansion Program (STEP) through fiscal year 2024. The STEP program provides foreign trade assistance to small businesses. The bill revises the program's administration, including establishing a timeline for the application process, requiring the SBA to conduct an annual survey to gather feedback, and mandating the collection of performance data such as the total number of small businesses assisted, the dollar amount of export sales, and the number of new jobs created. The bill also requires applicants to include a budget plan outlining how they intend to use the awarded funds. Additionally, the bill directs the SBA to report to Congress on its process for reviewing revised budget plans, streamlining the application process, sharing best practices, and communicating information about the program to grant recipients.
Committee Categories
Business and Industry
Sponsors (3)
Last Action
Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship. (on 09/15/2020)
Official Document
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