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S 3515 116th Congress Senate Commerce Accounting and auditing Advanced technology and technological innovations Advisory bodies Business investment and capital Congressional oversight Department of the Treasury Financial services and investments Government lending and loan guarantees Government studies and investigations Intergovernmental relations Minority and disadvantaged businesses Product development and innovation Public contracts and procurement Securities Small business State and local finance State and local government operations User charges and fees

New Business Preservation Act

Introduced: March 18, 2020 Introduced by: Klobuchar, Amy Democratic · Minnesota 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 18, 2020
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Mar 18, 2020
Introduced in Senate
 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 18, 2020

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Committees of jurisdiction 1
 Cosponsors 3
All 3 Democratic 2 Independent 1