The U.S. Small Business Administration (SBA) issued an interim final rule that will adjust monetary based small business size standards (i.e., receipts, assets, net worth and income) for inflation to allow more small businesses to become eligible for SBA’s financial and federal government procurement assistance programs.
SBA is adjusting all industry specific monetary based size standards to reflect the inflation that has occurred since the last adjustment for inflation in 2008. These adjustments are in addition to the recent revisions made to the small business size standards as a result of the SBA’s comprehensive size standards review mandated by the Small Business Jobs Act of 2010.
SBA announced that, due to the changes, more than 8,400 additional businesses will gain small business status under the adjusted size standards and become eligible for SBA’s financial and federal government procurement programs. The SBA expects the changes could possibly lead to more than $150 million to $200 million in additional federal contracts awarded to small businesses and 80 additional loans totaling about $30 million. These changes are effective July 14.
The SBA has developed an easy online Size Standards Tool to help companies determine if they qualify as small: http://www.sba.gov/tools/size-standards-tool?ms=fp
Important: If you participate in federal government procurement programs, either as a prime contractor or as a subcontractor, your size status may change on July 14, 2014 as a result of this interim final rule. You must visit the System for Award Management (SAM) and verify that your profile and certifications are up to date based on these revised size standards.
The public may submit comments on this interim final rule to: www.regulations.gov, identified by the following RIN number: (RIN 3245-AG60).