STEP Improvement Act of 2020
This bill reauthorizes through FY2024 the Small Business Administration's (SBA) State Trade Expansion Program, which provides foreign trade assistance to small businesses, and it revises provisions related to the administration of the program.
Specifically, the SBA must establish a time frame for, and provide certain information related to, the application process, and it must conduct an annual survey to solicit feedback on the program. The SBA must collect data on certain performance metrics such as the (1) total number of small businesses assisted by the program, (2) total dollar amount of export sales by participating small businesses, and (3) number of small businesses that have created new jobs through their participation in the program.
The bill also requires applicants for participation to include a budget plan that outlines their intended use of funds awarded under the program.