S. 1608 — Supporting NEW BUSINESSES Act

This section provides a short title for the Act as the “Supporting New Entrepreneurs and Workers By Undoing and Streamlining Inhibitors to Nascent Enterprises through Supporting Successful Efficiency Solutions Act” or the “Supporting NEW BUSINESSES Act”.

This section establishes an annual awards program within the Small Business Administration (SBA) to recognize state and local governments that implement innovative and effective policies or tools to streamline small business formation processes. The Administrator must provide three awards each year—one to a government representing a community of 400,000 or more individuals, one to a government representing a community of 100,000 to less than 400,000 individuals, and one to a government representing a community of fewer than 100,000 individuals—considering factors such as reducing paperwork redundancies, creating user-friendly online portals, minimizing inter-jurisdictional inconsistencies, and other efficiency innovations.