Bill Sponsor
Senate Bill 1969
115th Congress(2017-2018)
SOAR Act
Introduced
Introduced
Introduced in Senate on Oct 17, 2017
Overview
Text
Introduced
Oct 17, 2017
Latest Action
Oct 17, 2017
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
1969
Congress
115
Policy Area
Commerce
Commerce
Primary focus of measure is business investment, development, regulation; small business; consumer affairs; competition and restrictive trade practices; manufacturing, distribution, retail; marketing; intellectual property. Measures concerning international competitiveness and restrictions on imports and exports may fall under Foreign Trade and International Finance policy area.
Sponsorship by Party
Democrat
New Jersey
Senate Votes (0)
House Votes (0)
No Senate votes have been held for this bill.
Summary

Startup Opportunity Accelerator Act of 2017 or the SOAR Act

This bill amends the Small Business Act to require the Small Business Administration to develop and begin implementing a program to award cash prizes or grants of up to $50,000 to an organization to support new small businesses operating for five years or less. These awards may be used for construction costs, space acquisition, and programmatic purposes, but may not be used to provide capital or professional services to such businesses directly or through the subaward of funds.

The organization must be located in the United States, with a primary purpose to support new small businesses 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.

Text (1)
October 17, 2017
Actions (2)
10/17/2017
Read twice and referred to the Committee on Small Business and Entrepreneurship.
10/17/2017
Introduced in Senate
Public Record
Record Updated
Jan 11, 2023 1:38:16 PM