Small Business Contracting Goal Increased 23-25%
Small businesses could see themselves benefiting from new legislation being passed. To enforce that small busiensses contracring rules are followed, on Jan. 31 the Governemtn Efficiency Through Small Business Contracting Act was passed. This bill raises the annual government wide small busiensses contracting goal from 23% to 25%. This will benefit small buisnesses by an addtional potential $11 billion being set aside for small business contracts. The problem is how will the increased 2% be enforeced when the current 23% is rarely reached?
Legislatures are taking a stand to make sure contracts are set aside for small businesses. Rep Sam Grave’s, Government Efficiency thorough Small Business Contracting Act, is not only increasing the small businesses contracting goal by 2% but is also enforcing that the goal will be reached. To ensure the rules are followed new punishments will be placed on government officials not following the new small business contracting goals. The executives which don’t ad hear to the new goal could face losing their bonus pay or sabbatical. Other government officials such as Rep. Bill Owens have also took action to make sure contracting goals are reached, by creating a bill that will cut agencies by 10% for missing small businesses contracting goals.