Search Results for keywords:"Small Business Administration"

The interim final rule from the U.S. Small Business Administration (SBA) and the Department of the Treasury outlines updates to the Paycheck Protection Program (PPP) loan forgiveness and review procedures, incorporating changes mandated by the Economic Aid Act. This includes guidelines for forgiving loans from both the first and second draw of PPP loans and addressing necessary documentation and processes for loan forgiveness. Key updates include the extension of the program, new rules regarding nonpayroll costs, and exemptions for certain borrowers. The rule aims to provide immediate relief to small businesses impacted by the COVID-19 pandemic and allows the SBA to continue remitting forgiveness payments promptly.

The Department of Defense (DoD), General Services Administration (GSA), and National Aeronautics and Space Administration (NASA) have issued a final rule that changes how small businesses must report their size and socioeconomic status when bidding for government contracts. This rule aligns with the changes made by the Small Business Administration and requires businesses to confirm their status for orders under certain contracts. The updated regulation aims to ensure that orders set aside for small businesses actually go to qualified small businesses, even if their business status changes during the lifecycle of the contract. These changes are effective from January 17, 2025, and include specific conditions under which businesses must update their size and status information.

The U.S. Small Business Administration (SBA) has issued a final rule updating regulations for the Women-Owned Small Business (WOSB) Federal Contract Program. This rule introduces new definitions, aligns regulations with current laws, and standardizes language across SBA's contracting programs to clarify control and employment requirements. Additionally, it modifies how SBA reviews certification applications and encourages consistency in regulation across various government contracting programs. These updates aim to reduce confusion and streamline processes without significantly impacting small businesses economically.

The U.S. Small Business Administration (SBA) has issued a final rule amending regulations for the Historically Underutilized Business Zone (HUBZone) program to make it more efficient and effective. The updates clarify policies concerning HUBZone certifications, size determinations, and certifications for other small business programs, like the 8(a) Business Development (BD) and Women-Owned Small Business (WOSB) programs. Notably, the rule requires HUBZone firms to be eligible at the time of offer for contracts and moves recertification requirements under a unified section. These steps aim to ensure consistent application of rules across various small business programs.