It's about time! It's been almost a year since that abomination was perpetrated! As Senator Benjamin Cardin (D-MD) said in a Press Release from the Senate Small Business and Entrepreneurship Committee today:
"It was a severe blow to biotechnology firms across the country when NIH extramural research funding was exempted from their requirement to dedicate funding to SBIR and STTR awards. As a result, small businesses across the country, which the recovery package was intended to benefit, have been denied the opportunity to fairly compete for more than $200 million in grants."
In addition, the bill provides small businesses with tax credits for health insurance and job creation expenses, and opens up new direct loans to small businesses using already allocated TARP funding.
Recognizing the vital role small business has always had in the overall growth of our economy, the bill also encourages elevating the Small Business Administration to Cabinet-level status.
Interesting timing, as the reauthorization of SBIR has still not been accomplished. Where are we on that Senator?
Late word is that the House Small Business Committee has chosen not to respond to the Senate's compromise proposal, and we'll have a sixth Continuing Resolution, this one for 90-days. Oh goodie. Three more months of torture! Don'tcha just love how our Congress works!
We should hear something official by the end of the week. Stay tuned to www.SBIRreauthorization.com for the latest news.