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New rules for small businesses in government contracts: more opportunities for newcomers.

This act changes how government agencies are evaluated on their engagement with small businesses. Agencies will now track and report how many new small businesses, including those owned by veterans, women, or disadvantaged individuals, receive government contracts. This aims to increase opportunities for businesses new to public procurement, potentially leading to greater market access and competition for citizens running small businesses.
Key points
Government agencies must now track and report the number of new small businesses awarded prime contracts for the first time.
The changes aim to boost opportunities for small businesses, including those owned by service-disabled veterans, women, and socially/economically disadvantaged individuals.
No additional funds are authorized for the implementation of this act.
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Additional Information
Print number: 118_HR_7988
Sponsor: Rep. Stauber, Pete [R-MN-8]
Process start date: 2024-04-15