Search Results for keywords:"socioeconomic status"

The Federal Acquisition Circular 2025-03 presents updates to the Federal Acquisition Regulation (FAR) agreed upon by the Civilian Agency Acquisition Council and the Defense Acquisition Regulations Council. The document summarizes new rules aimed at improving consistency in suspension and debarment procedures, rerepresentation of business size and socioeconomic status, and subcontracting with Puerto Rican and specific U.S. territory small businesses. These changes are intended to enhance transparency and ensure that small businesses meet size and status requirements for certain government contracts, but are not expected to significantly impact a large number of small businesses economically.

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.