SBIR and STTR Foreign Patent Protection Act of 2001 - Amends the Small Business Act to require the Administrator of the Small Business Administration (SBA) to make one grant of up to $25,000, from the SBIR and STTR Foreign Patent Protection Fund (established under this Act) to any Small Business Innovation Research Program (SBIR) or Small Business Technology Transfer Program (STTR) to underwrite costs associated with initial foreign patent applications for technologies or products developed under the SBIR or STTR, and for which an application for U.S. patent protection has already been filed.

Establishes the SBIR and STTR Foreign Patent Protection Fund in the Treasury to be used solely to fund such grants and to pay SBA costs of administering them.

Requires each grant recipient to pay annual royalty fees to the Administration, for deposit into the Fund, based on the export sales receipts or licensing fees, if any, from the product or technology that is the subject of the foreign patent petition.