This bill makes permanent and expands a Defense Department pilot program designed to speed up the process of awarding contracts for innovative technology projects to small businesses and nontraditional defense contractors. Specifically, it exempts contracts valued under $7.5 million awarded to small businesses or nontraditional defense contractors from certain cost and pricing documentation requirements that typically slow down the contracting process. The legislation directs the Secretary of Defense to update federal acquisition regulations to implement this streamlined approach across all eligible small business concerns. The bill affects small businesses and nontraditional defense contractors seeking to sell innovative technology to the Department of Defense, potentially making it easier and faster for these companies to compete for defense contracts. There is no specific funding authorization or implementation timeline mentioned in the legislation.