On Wednesday May 11, 2011, with Congressman Chabot's support, the House Committee on Small Business passed the Creating Jobs Through Small Business Innovation Act of 2011 (H.R. 1425). Congressman Chabot is a co-sponsor of the bill.
The Creating Jobs Through Small Business Innovation Act of 2011 renews the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs, which expire May 31, 2011. This reauthorization bill encourages expanded participation in the program from small businesses with significant private capital support, allowing for a faster and more direct impact on the economy and job creation; increases award levels; standardizes and streamlines the application process; and creates a better evaluation method to ensure the program is effective and efficient.
Small businesses have been and continue to be the engine that is driving the economic recovery. Small businesses have proved to be the perfect incubators for innovation and technology and investing in them is investing in America's future. The Creating Jobs Through Small Business Innovation Act of 2011 will ensure that the success of SBIR and STTR continues and grows by investing in businesses that can get their products to market quickly and create jobs in the United States.
Congressman Chabot issued the following statement regarding the vote:
"I applaud the passage of the Creating Jobs Through Small Business Innovation Act out of the Committee on Small Business and encourage Congress to get this legislation to the President's desk as soon as possible. The SBIR program is a proven job-creator and the reauthorization of the program will help get critical research and development funding in the hands of small businesses that are ready to create jobs and bring products to market."