The U.S. Small Business Administration recently issued an interim final rule that will adjust monetary-based small business size standards for inflation to allow more small businesses to become eligible for the SBA’s loan and contracting programs.
The release said the SBA is adjusting its industry-specific monetary-based size standards by nearly 8.4 percent to reflect the inflation that has occurred since the last adjustment for inflation in 2014.
This time, the SBA is also adjusting the revenues-based size standards for agricultural industries, which were previously set by statute. These adjusted size standards will become effective Aug. 19, and will be reviewed again as part of the second five-year review of size standards mandated by the Small Business Jobs Act of 2010.
The SBA estimates that nearly 90,000 additional businesses will gain small business status under the adjusted size standards, becoming eligible for SBA loan and contracting programs. The release said this could possibly lead to as much as $750 million in additional federal contracts awarded to small businesses and up to 120 additional small business loans totaling nearly $65 million.
Comments can be submitted on this interim final rule by Sept. 16, at regulations.gov, identified with the following RIN number: RIN 3245-AH17. Interested parties may also mail comments to Khem R. Sharma, Chief, Office of Size Standards, 409 Third St. SW, Mail Code 6530, Washington, DC 20416.
For more information, visit sba.gov.
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