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SBA is clarifying one sentence in the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Policy Directive (PD), which relates to the eligibility of a successor-in-interest entity to receive an SBIR/STTR phase III award. This clarification is being made to confirm SBA’s long-standing interpretation of paragraph 6(a)(5) of the SBIR/STTR PD, which is that successor-in-interest entities are eligible to receive SBIR/STTR phase III awards based on the SBIR/STTR phase I or phase II work previously performed by the acquired small business. Therefore, SBA is revising the second sentence of paragraph 6(a)(5) to add reference to successor-in-interest entities.