SIMPLIFIED PAPERWORK REQUIREMENTS.

SEC. 5144. SIMPLIFIED PAPERWORK REQUIREMENTS. Section 9(v) of the Small Business Act (15 U.S.C. 638(v)) is amended— (1) in the subsection heading, by striking “Simplified Reporting Requirements” and inserting “Reducing Paperwork and Compliance Burden”; (2) by striking “The Administrator” and inserting the following: “(1) Standardization of reporting requirements. The Administrator” ; and (3) by adding at the end the following: “(2) Simplification of application and award process. Not later than 1 year after the date of enactment of this paragraph, and after a period of public comment, the Administrator shall issue regulations or guidelines, taking into consideration the unique needs of each Federal agency, to ensure that each Federal agency required to carry out an SBIR program or STTR program simplifies and standardizes the program proposal, selection, contracting, compliance, and audit procedures for the SBIR program or STTR program of the Federal agency (including procedures relating to overhead rates for applicants and documentation requirements) to reduce the paperwork and regulatory compliance burden on small business concerns applying to and participating in the SBIR program or STTR program.” .