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SBA expands the definition of "small business"

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In recent months, there have been a number of changes in the contracting field mainly sparked by government reforms. A recent change concerns the Small Business Administration allowing more companies to qualify as "small businesses" for the purposes of contract opportunities ad loans and grant programs.

The SBA is proposing new definitions for the "small" qualification, but the changes will have a greater impact on some fields than others.

For example, in the environmental consulting field, the ceiling has been raised from a $7 million maximum income to a $14 million maximum. However, according to the Washington Post, the ceiling for computer programing has only shifted $500,0000.

Many are in favor with the changes and believe they are a more accurate reflection of contract value that businesses receive, which may have previously disqualified them for SBA programs, the source suggests.

With the frequency of Small Business Administration changes, new regulations will likely develop that small businesses will need to keep track of. It may be wise to invest in small business insurance in the event that an error is made.  

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