SBA writing “Runway” rule

      The Small Business Administration is writing a rule to implement the Runway Extension Act, with a target date of release of January 2020, Robb Wong, SBA’s associate administrator of government contracting and business development, said at a Senate hearing on June 12.

      Under the act, contractors can calculate their average receipts over five years, rather than three, for the purpose of meeting size standards as small firms. Congress approved the law in December 2018 and some say it is in effect, while the SBA says it won’t be in effect until rulemaking is complete.

      Wong provided more details on the upcoming Runway rulemaking in his written statement: “While the new law increased the averaging period for calculating annual revenue for businesses in services industries only, for consistency, the SBA is proposing to apply the same 5-year averaging period for all other businesses subject to revenue-based size standards,” Wong said at the hearing.

More information:
Hearing website and video: https://bit.ly/2WHOyKV

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