The Supporting NEW BUSINESSES Act directs the Small Business Administration to award annual recognition to state and local governments that successfully streamline the process of starting a new business. Three awards will be given each year across different population sizes: one to a government representing a community of at least 400,000 people, one for communities between 100,000 and 400,000, and one for communities under 100,000. Eligible governments can apply by demonstrating how they've simplified business formation through actions like reducing paperwork requirements, creating user-friendly online portals, eliminating redundant rules across jurisdictions, or implementing other innovative efficiency measures. The bill affects state and local government agencies and aspiring entrepreneurs by incentivizing jurisdictions to remove barriers to starting businesses. No specific appropriations or implementation timeline are included in the legislation.
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