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SOAR Act

Introduced: July 17, 2019 Introduced by: Booker, Cory A. Democratic · New Jersey 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
Jul 17, 2019
Read twice and referred to the Committee on Small Business and Entrepreneurship.
Jul 17, 2019
Introduced in Senate
 Plain-English summary Congressional Research Service

Startup Opportunity Accelerator Act of 2019 or the SOAR Act

This bill requires the Small Business Administration to develop and implement a program to award cash grants of up to $100,000 to organizations that support new small businesses. These awards may be used for construction costs, space acquisition, and programmatic purposes, but they may not be used to provide capital or professional services to small businesses directly or through the subaward of funds.

The organization must have the support of new small businesses as a primary purpose and be often classified as an accelerator. The term accelerator means an organization that (1) frequently provides, but is not exclusively designed to provide, seed investment in exchange for a small amount of equity; (2) works with a startup for a predetermined amount of time; (3) provides mentorship and instruction to scale businesses; or (4) offers startup capital or the opportunity to raise capital from outside investors.

What's happening now July 17, 2019

Read twice and referred to the Committee on Small Business and Entrepreneurship.

 Committees of jurisdiction 1