Federal Subcontracting Efficiency and Fairness: Support for Small Businesses
This act aims to improve conditions for small businesses working with large government contractors. It introduces new rules for informing subcontractors about contract status, strengthens oversight of small business utilization, and provides penalties for not meeting small business goals. This will give small businesses greater certainty and better growth opportunities, potentially leading to more jobs and a more stable economy.
Key points
Increased Transparency: Large companies must inform small subcontractors about federal contract status, aiding planning and management.
Small Business Support: The government will better monitor whether large companies genuinely involve small businesses in federal contracts.
Penalties for Non-Compliance: Companies failing to meet small business engagement goals may lose performance-based incentive fees.
Improved Information Access: The government will modernize reporting systems to help small businesses find subcontracting opportunities more easily.
More Outreach and Training: Government agencies will host more events to inform small businesses about subcontracting opportunities.
Expired
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