Skip to main content
S 2631 117th Congress Senate Commerce Business education Business investment and capital Correctional facilities and imprisonment Disability and paralysis Government information and archives Indian social and development programs Minority and disadvantaged businesses Small business Veterans' education, employment, rehabilitation Women in business

SOAR Act

Introduced: August 5, 2021 Introduced by: Booker, Cory A. Democratic · New Jersey See on congress.gov
Sign in to write a letter Sign in to watch
 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 22, 2021
Committee on Small Business and Entrepreneurship. Hearings held.
Aug 5, 2021
Read twice and referred to the Committee on Small Business and Entrepreneurship.
Aug 5, 2021
Introduced in Senate
 Plain-English summary Congressional Research Service

Startup Opportunity Accelerator Act of 2021 or the SOAR Act

This bill requires the Small Business Administration to develop and implement a program to award cash grants of at least $1,000,000 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) supports new businesses with a focus on technology, research, and development; (2) frequently provides, but is not exclusively designed to provide, seed investment in exchange for a small amount of equity; (3) works with a startup for a predetermined amount of time; (4) provides mentorship and instruction to scale businesses; or (5) offers startup capital or the opportunity to raise capital from outside investors.

What's happening now September 22, 2021

Committee on Small Business and Entrepreneurship. Hearings held.

 Committees of jurisdiction 1
 Cosponsors 2
All 2 Democratic 2