NDAA targets contractor “beneficial owners”

      Section 885 of the recent NDAA for fiscal 2021 includes a little-noticed provision requiring federal contractors to publicly disclose their “beneficial owners.”

      The provision applies to firms receiving more than $500,000 in federal contracts. The “beneficial owners” are the individuals who control and benefit from owning a firm. Identifying the true owners is often difficult when firms are allowed to incorporate anonymously.

      Previous investigations have found that shell companies and anonymous ownership can facilitate corruption, fraud, waste and abuse. Anonymity also can be used to hide foreign ownership that might result in harm to US national security.

Read more:
Project on Government Oversight (POGO) report: https://bit.ly/2ZG4Ibu

EIDL until 12/31/2021

      The deadline for SBA’s COVID-19-related EIDL loans has been extended to Dec. 31, 2021. Agency officials said $200 billion has been distributed to 3.7 million small businesses, non-profits and farms under the program.

Read more:
SBA Press Release: https://bit.ly/3aN8g1T

ADS controversy

      Atlantic Diving Supply, aka ADS, is in the news again after the Trump Administration on Jan. 5 awarded it a small business contract potentially worth up to $33 billion. In 2017, ADS settled allegations that it fraudulently posed as small without admitting wrongdoing.

Read more at:
POGO Investigation story: https://bit.ly/3qSHI52
Washington Post story: https://wapo.st/3aKHuHq

Inside this edition:

Small business GSA Schedules sales increased from 2017-2020

Small biz gets PPP window

Bibi Hidalgo is now SBA’s gov’t contracting associate administrator

EEOC reports to resume

DOD contracts for services

$50B in aid for small biz

E-Commerce concerns aired

Column: Defective Pricing Audits

Washington Insider:

Coronavirus Update