The Pennsylvania SBIR/STTR Matching Funds Program Act establishes a program aimed at providing technology grants to small businesses that participate in the Federal Small Business Innovation Research (SBIR) or Small Business Technology Transfer (STTR) programs. The Department of Community and Economic Development will administer the program, offering grants that match funds received from SBIR or STTR Phase I awards, with a maximum grant amount of $50,000. To qualify, businesses must meet specific criteria, including having a principal place of business in Pennsylvania, receiving a Phase I award, and ensuring that a significant portion of the research for the Phase II project will be conducted within the state.

The bill outlines the eligibility requirements for businesses, the grant award process, and the limitations on the number of grants a business can receive. It mandates that the department create an application process and publish it on their website, ensuring transparency and accessibility. Additionally, the General Assembly is responsible for appropriating funds for the program, and the department has the authority to create regulations necessary for its implementation. The act is set to take effect 60 days after its passage.