Recent initiatives adopted by the U.S. Small Business Administration to act on 2018 legislation are expected to open the door for more small businesses to vie for federal government contracts.
Enacted by SBA in January 2020, the long-awaited rules implement provisions of the Small Business Runway Extension Act of 2018. As detailed in a 2019 Unanet-sponsored webinar on recent legislative and regulatory developments impacting small businesses, the law extends the look-back period for calculating the size of a business (based on annual revenue using receipts-based size standards) from three fiscal years to five fiscal years.
Here at Unanet, we expect this “runway” extension will be a positive for small businesses by essentially enabling more companies to stay within the small business size standard for the purposes of competing for federal contracts. In particular, it may enable companies that have experienced a recent surge in annual revenue to retain their small business status and thus their eligibility for small business set-asides.
For more on the law and the new rules that implement it, check out this article in Government Executive.
Want to tap into Unanet’s expertise in small business government contracting for a deeper understanding of the new rules and how your company may benefit from them? Get in touch! We’re here to help!