What is the job act?

The JOBS Act / The Jumpstart Our Business Startups Act is an act signed into law on April 5, 2012 that removes many SEC regulations on small businesses and reduces restrictions on capital raising for small businesses, specifically allowing them to go public with less than $1 billion in annual gross revenue and to raise capital through crowdfunding (public solicitation of investments in the company).

Source: The Startup Dictionary | LawTrades