Do You Qualify for the New Small Business Size Standards?

by Jeff Ellinport, Deputy General Counsel

The Small Business Administration (“SBA”) is changing its revenue based size standards to account for more than five years of inflation since the last adjustment. The new size standards take effect on July 14, 2014 and affect almost one-half of the NAICS code industries including services, information, construction and retail. With this adjustment, the largest revenue-based small business size standards will be $38.5 million, up from $35.5 million. This adjustment is separate from the SBA’s comprehensive review of all size standards required every five years by the Small Business Jobs Act of 2010. Businesses may want to review the new size standards to determine whether they now qualify as a small business concern. Additionally, current government contractors should make sure their certifications are up to date based on these new size standards in the System for Award Management (SAM). You can read the SBA’s announcement here:  http://www.sba.gov/content/what%27s-new-with-size-standards