To amend the Small Business Act to provide for an increase in the amount of awards under the first and second phases of the Small Business Innovation Research program.

H.R. 4684 was designed to increase the maximum grant amounts available to small businesses participating in the Small Business Innovation Research (SBIR) program. This program requires federal agencies with large research budgets to set aside a portion of their funding specifically for small-scale domestic innovators and entrepreneurs.

By raising the funding limits for the first two phases of these projects, the bill aimed to help small businesses better cover the rising costs of developing new technologies and conducting scientific research. Additionally, the bill required these award amounts to be adjusted every five years to keep pace with inflation and economic changes, ensuring that federal support for local innovation remains effective over time.