arrow_back Back to App

Support for New Businesses: Public Contract Preferences and Financial Relief.

This act aims to support small, young businesses by making it easier for them to secure government contracts and access more favorable loans. This allows new enterprises to grow faster, potentially creating more jobs and increasing market competition. Citizens may benefit from increased innovation and service availability.
Key points
New businesses meeting specific criteria (e.g., number of employees, age of business, salary levels) can obtain "emerging business enterprise" status.
Government agencies will be required to allocate at least 3% of their contract value to these new businesses.
Emerging businesses may be exempt from certain fees related to government-guaranteed loans, reducing their financing costs.
Penalties are introduced for fraudulently misrepresenting a company's status to gain benefits from the act.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 118_HR_1538
Sponsor: Rep. Carson, Andre [D-IN-7]
Process start date: 2023-03-10
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Emerging Business Encouragement Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_1538.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-03-10.

What are the main provisions?

Key points include:

  • New businesses meeting specific criteria (e.g., number of employees, age of business, salary levels) can obtain "emerging business enterprise" status.
  • Government agencies will be required to allocate at least 3% of their contract value to these new businesses.
  • Emerging businesses may be exempt from certain fees related to government-guaranteed loans, reducing their financing costs.
  • Penalties are introduced for fraudulently misrepresenting a company's status to gain benefits from the act.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Carson, Andre [D-IN-7].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Small Business.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-24.

CATEGORIES

Economy Public Investments