SOAR Act

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.

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Timeline

1. 17 October 2017

   Introduced

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

   Source: IntroReferral

2. 17 October 2017

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 17 October 2017 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 17 October 2017

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 17 October 2017

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 17 October 2017

  Open at official source

Sponsors

• Sen. Booker, Cory A. [D-NJ] · D · Sponsor
• · sssb00 · Standing

Related records

• related to → SOAR Act