The "Small Business Innovation and Economic Security Act" aims to enhance the security of Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) awards, evaluating business security risks and affiliations. It introduces the Phase II strategic breakthrough funding, streamlines administrative processes, and increases opportunities for small businesses to receive substantial funding. The bill also focuses on improving the SBIR and STTR programs by advocating for product and technology transition, simplifying procedures and contracts, providing assistance, extending program authorization, and expanding data collection and pilot programs until September 30, 2031. The Government Accountability Office will conduct an extended study, increasing the duration to eight years to assess the bill's impact.