Protect Small Business Jobs Act of 2011

Protect Small Business Jobs Act of 2011 - Requires a federal agency, before imposing any sanction on a small business for any violation of a rule or pursuant to an adjudication, to: (1) notify the small business that it may be subject to a sanction at the end of a six-month grace period following such notification; (2) defer any further action for the six-month period (allowing an additional three-month period upon application by the small business demonstrating reasonable good-faith efforts to remedy the violation or other conduct giving rise to the violation); (3) make a further determination at the end of the applicable grace period as to whether the small business would still be subject to the sanction; and (4) upon a negative determination, waive the sanction.