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In 2019, Congress directed DOD to develop a strategy to better engage with small businesses and coordinate small business programs across the department.
We analyzed trends in DOD contracting. From FY 2011 to 2020, DOD spending on contracts with small businesses increased.
Federal agencies participating in the Small Business Innovation Research and Small Business Technology Transfer programs awarded over $3 billion to small businesses in FY 2020 to develop and commercialize new technologies.
To help small businesses affected by COVID-19, the Small Business Administration gave low-interest Economic Injury Disaster Loans and grants to millions of applicants. These funds totaled $224 billion as of February 2021.
In response to COVID-19, Congress created the Paycheck Protection Program to help small businesses get low-interest loans. The Small Business Administration guarantees the loans—so if a borrower defaults, SBA will buy the loan from the lender.
In response to unfair trade practices, the U.S. imposed tariffs of up to 25% on imports from China. From July 2018-Dec. 2020 these imports amounted to $460 billion. U.S. firms affected by the tariffs could ask to be excluded from them. The Office of the U.S.
According to the Federal Communications Commission, 96% of the U.S. population has access to broadband—an always "on" internet connection—at or above the FCC's benchmark for minimum speed. (Access rates are lower in rural areas and we previously found overall access may be overstated.
Federal agencies awarded small businesses almost $4 billion in FY 2019 to perform research and development and commercialize technologies. The Small Business Administration oversees the programs for making these awards, which are carried out by 11 agencies.