R&D Programs Win Temporary Reprieve
President Obama signed on Friday into law a temporary extension of a federal program that awards R&D grants to small businesses on the day it was set to expire. As a result, the Small Business Innovation Research program has been prolonged until Sept. 30, 2009 as lawmakers work on differing versions of reauthorization bills. Senate Small Business Chairwoman Mary Landrieu said the temporary relief ensures that the SBIR effort "will continue creating cutting-edge technologies and high-paying jobs" but a permanent reauthorization of that and the Small Business Technology Transfer program is critical.
"We have been working hard [with the House] to reach a fair compromise that will reauthorize and strengthen the SBIR and STTR programs and that will guarantee that these programs remain for truly small businesses," she said in a statement. The version that passed the Senate recently reauthorizes the programs for eight years while capping awards for start ups that are majority-owned and controlled by multiple venture capital firms. The House bill extends the programs for only two years and places fewer restrictions on the allocation of funds. A 2003 ruling made small businesses that receive substantial funding from venture capitalists ineligible for the programs.
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