The underlying Small Business Reauthorization Act, or S. 493, would provide funding for the Small Business Innovation Research program and the Small Business Technology Transfer program, which Democrats say would create jobs.
Reid said if the Senate failed to meet the 60-vote threshold required by Senate rules, he would be forced to move on to other legislation.
The Senate adjourned about 5 p.m. on Tuesday and is set to return at 10 a.m. Wednesday.
Another cloture vote on a controversial judicial nominee, John J. McConnell Jr. for the United States District Court of Rhode Island, will also take place Wednesday afternoon. Some Republicans are trying to block McConnell's confirmation because they believe he is a liberal ideologue.