FAST Fix Act of 2023

The FAST Fix Act of 2023 amends the Small Business Act to prioritize federal technology funding for small businesses in states that historically receive fewer Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Phase I awards. It defines "underperforming States" as the 18 states with the lowest SBIR/STTR Phase I awards and requires the Small Business Administration to prioritize applications from businesses in these states. The bill also sets a $500,000 funding cap per award over two years, waives matching requirements for underperforming states, and mandates biennial reporting on program outcomes and state performance. This directly affects small businesses in 18 specific states and the Small Business Administration’s administration of the FAST program.