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Modernizing Small Business Export Support Program (STEP) for Simpler Funding

This Act modernizes the State Trade Expansion Program (STEP) to make it easier for small businesses to export goods and services. Small business owners will benefit from simplified application and reporting procedures, greater funding transparency, and the ability to carry over unused grant funds to the next year. The goal is to increase the number of small firms that export, positively impacting local economies and job creation.
Key points
Reduced Bureaucracy: Introduction of concise grant applications and streamlined reporting processes for states, territories, and commonwealths, reducing administrative burden.
Increased Funding Predictability: Establishing minimum grant amounts for states and limiting annual funding cuts to a maximum of 20% (except for violations or overall appropriation reductions).
Budget Flexibility: States can carry over up to 20% of unused grant funds to the following fiscal year, providing greater freedom in fund management.
Support for Underserved Groups: The new funding formula incentivizes states that successfully assist women-owned firms and businesses located in rural or low-income areas.
Greater Transparency: Requirement to publish up-to-date program information, application deadlines, and grant award criteria by March 31st each year.
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Expired
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Additional Information
Print number: 118_S_4414
Sponsor: Sen. Shaheen, Jeanne [D-NH]
Process start date: 2024-05-23
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

State Trade Expansion Program Modernization Act of 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_4414.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-05-23.

What are the main provisions?

Key points include:

  • Reduced Bureaucracy: Introduction of concise grant applications and streamlined reporting processes for states, territories, and commonwealths, reducing administrative burden.
  • Increased Funding Predictability: Establishing minimum grant amounts for states and limiting annual funding cuts to a maximum of 20% (except for violations or overall appropriation reductions).
  • Budget Flexibility: States can carry over up to 20% of unused grant funds to the following fiscal year, providing greater freedom in fund management.
  • Support for Underserved Groups: The new funding formula incentivizes states that successfully assist women-owned firms and businesses located in rural or low-income areas.
  • Greater Transparency: Requirement to publish up-to-date program information, application deadlines, and grant award criteria by March 31st each year.
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 Sen. Shaheen, Jeanne [D-NH].

What is the latest detailed status?

The latest detailed status is: Placed on Senate Legislative Calendar under General Orders. Calendar No. 408.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-30.

CATEGORIES

Economy Public Investments