Longer runway for small biz

      Many small business federal contractors will benefit from a new modification in how size standards are calculated under legislation just approved by Congress, Sen. Ben Cardin, D-MD, announced on Dec. 6.

      Under the so-called “Small Business Runway Extension Act,’ the goal is to make it easier for small firms to remain in the “small” category for a longer period of time.

      Under the bill, size standards that are based on average annual revenues will be calculated based on five years worth of revenues, instead of three years as was done in the past.

      “This change will significantly reduce the impact of years wherein businesses experience unexpectedly rapid growth, often causing them to prematurely lose their small business status,” Cardin said in a news release.

      HR 6330 passed the House in September, and the Senate bill, S3562, was approved this month. The bill now goes to President Trump for his signature.

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