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New Business Preservation Act

Introduced: March 26, 2020 See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 26, 2020
Referred to the House Committee on Financial Services.
Mar 26, 2020
Introduced in House
 Plain-English summary Congressional Research Service

New Business Preservation Act

This bill establishes and provides funding for the Innovation and Startups Equity Investment Program, through which the Department of the Treasury shall work with states to invest in new businesses.

Specifically, the bill requires Treasury to provide certain funds to participating states, which such states shall use to administer specified approved programs that provide equity investment in new businesses. Certain areas with high levels of venture capital activity are excluded from the calculation of funds allocated to a participating state. Treasury shall also award funds to approved state programs to provide follow-on investments.

If a state receives funds from an exit, the state shall use such funds to further invest in startups under the approved program. An exit is defined as the (1) acquisition of a startup in which a state has invested under the program; (2) sale of a share of such startup following an initial public offering; or (3) voluntary purchase of a state's ownership interest by the startup, investors, or existing shareholders.

What's happening now March 26, 2020

Referred to the House Committee on Financial Services.

 Committees of jurisdiction 1
 Cosponsors 2
All 2 Democratic 2