By Jean Verlich: CNJ news editor
New U.S. Small Business Administration regulations require small businesses with federal contracts to recertify their size status, according to an SBA news release.
Federal agencies are under congressional directive for small businesses to account for 23 percent of their contracts, the release reads.
Recertification is necessary because federal agencies have been able to count all contracts originally awarded to small businesses as small business contracts for up to 20 years even if those companies were acquired by large corporations.
As of June 30, any small business that merges or is acquired must recertify its size.
Nearly all large businesses will be scrubbed from the database within a year, the release reads.
This summer, SBA will work on agreements across federal agencies to have them provide increased contracting opportunities in the procurement preference programs in which they have not met contracting goals. They include women-owned small businesses, small disadvantaged businesses, HUBZone (historically under-utilized businesses) and service-disabled veteran-owned small businesses.
Business Digest is compiled by CNJ News Editor Jean Verlich. She may be contacted at 763-6991, or by e-mail: