Legis Daily

SOAR Act

USA116th CongressS-2149| Senate 
| Updated: 7/17/2019
Cory A. Booker

Cory A. Booker

Democratic Senator

New Jersey

Small Business and Entrepreneurship Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Startup Opportunity Accelerator Act of 2019 or the SOAR Act This bill requires the Small Business Administration to develop and implement a program to award cash grants of up to $100,000 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) 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
Jul 17, 2019
Introduced in Senate
Jul 17, 2019
Read twice and referred to the Committee on Small Business and Entrepreneurship.
Dec 18, 2020

Latest Companion Bill Action

HR 116-3879
Placed on the Union Calendar, Calendar No. 562.
  • July 17, 2019
    Introduced in Senate


  • July 17, 2019
    Read twice and referred to the Committee on Small Business and Entrepreneurship.


  • December 18, 2020

    Latest Companion Bill Action

    HR 116-3879
    Placed on the Union Calendar, Calendar No. 562.

Commerce

Business educationBusiness investment and capitalCorrectional facilities and imprisonmentDisability and paralysisGovernment information and archivesIndian social and development programsMinority and disadvantaged businessesSmall businessVeterans' education, employment, rehabilitationWomen in business

SOAR Act

USA116th CongressS-2149| Senate 
| Updated: 7/17/2019
Startup Opportunity Accelerator Act of 2019 or the SOAR Act This bill requires the Small Business Administration to develop and implement a program to award cash grants of up to $100,000 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) 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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Jul 17, 2019
Introduced in Senate
Jul 17, 2019
Read twice and referred to the Committee on Small Business and Entrepreneurship.
Dec 18, 2020

Latest Companion Bill Action

HR 116-3879
Placed on the Union Calendar, Calendar No. 562.
  • July 17, 2019
    Introduced in Senate


  • July 17, 2019
    Read twice and referred to the Committee on Small Business and Entrepreneurship.


  • December 18, 2020

    Latest Companion Bill Action

    HR 116-3879
    Placed on the Union Calendar, Calendar No. 562.
Cory A. Booker

Cory A. Booker

Democratic Senator

New Jersey

Small Business and Entrepreneurship Committee

Commerce

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Business educationBusiness investment and capitalCorrectional facilities and imprisonmentDisability and paralysisGovernment information and archivesIndian social and development programsMinority and disadvantaged businessesSmall businessVeterans' education, employment, rehabilitationWomen in business