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📢 Press Release: SBA Announces Extension of Moratorium on 8(a) Eligibility Requirement for Small Disadvantaged Businesses. Bona Fide Place of Business Moratorium Extension Until Sept. 30, 2025, Will Increase the Opportunity for SDBs to Grow Their Businesses. Learn more at https://lnkd.in/g59MgJ6C #ColoradoAPEXAccelerator #APEXAccelerator #SmallBusiness #8a #SmallDisadvantagedBusinesses

Cash reserves for small businesses dwindle Nearly two-thirds of small businesses in Australia have less than two months of cash reserves saved, according to new research by YouGov, commissioned by online small business lender, Prospa. Around 22% of respondents said they had no cash reserves at all, while 18% said they had less than a month’s worth. “The current economic conditions are such that small businesses are getting further away from the three to six months’ cash reserves recommended to cover operating expenses,” said Prospa chief revenue officer Beau Bertoli. But, small businesses are also taking action to prevent disaster, with around 77% saying they have already or are likely to actively adopt strategies in the next year to manage the impact of rising costs. #accountant #bookkeeping #business

In addition to the spend data and program initiatives detailed in this report, this year’s annual report includes an Economic Impact Analysis. For the second year in a row, we are pleased to report the spend data with small businesses overall economic impact on Pennsylvania’s economy. Last year, payments to small businesses generated nearly 10,000 jobs, and this year over 11,700 jobs. Again, these contract payments had a tremendous economic impact at the federal, state, and local level. Last year, the total federal, state, and local taxes generated an estimated $216 million, and this years’ projection is $220 million. Diversity, inclusion, and small business opportunities in contracting is a high priority for the Shapiro-Davis Administration. This administration is placing an emphasis on increasing our database of certified small businesses and building upon the success of the agency liaison program. Governor Shapiro kicked-off his first year by strongly engaging his cabinet members to place a concerted effort to increase direct spend with small businesses through use of the Small Business Reserve (SBR) program and issuing a new 10-day prompt payment condition for non-construction contracts that include small, small diverse, and veteran business contract specific goals as of July 1, 2023.

Press Release: SBA Announces Extension of Moratorium on 8(a) Eligibility Requirement for Small Disadvantaged Businesses Published on June 11, 2024 WASHINGTON – Administrator Isabel Casillas Guzman of the U.S. Small Business Administration (SBA) has announced the extension of the moratorium on the 8(a) Business Development Program’s Bona Fide Place of Business (BFPOB) requirement through September 30, 2025. This extension, initially enacted in 2021 due to the COVID-19 pandemic, allows small disadvantaged businesses (SDBs) to bypass the requirement of maintaining a physical office for 8(a) construction contracts. Key Points: Purpose: Adaptation to workforce shortages, remote work trends, and cultural shifts. Impact: Helps SDBs focus on growth and revenue, aligns with President Biden’s goal of 15% federal contracts to SDBs by 2025. Feedback: Positive reception from organizations like the Native American Contractors Association. Background-The moratorium has facilitated SDBs' eligibility for 8(a) construction contracts without a specific geographic office. In FY 2023, SDBs received a record $76.2 billion in federal contracts. For more information, SDBs can contact their local servicing District Office or visit the 8(a) Business Development Program website.

In an era where small businesses are often overshadowed by corporate giants, a refreshing shift is emerging in the realm of government contracting. https://lnkd.in/gcc5cb4u #governmentcontracting #smallbusiness

12 percent SDB! Yesterday, the President announced that the Federal government spent $76 billion, 12.1% of Federal contracting dollars, in 2023 with small disadvantaged businesses. Those are all-time records and up considerably from the year before ($69.9 billion, 11.4%). Why the big jump? You'll have to wait for the next release of SBA's Small Business Datahub, datahub.certify.sba.gov, for full details. But a lot of it came from government buyers spending MORE through the 8(a) program. All 8(a) firms are considered disadvantaged, so all 8(a) contracts count toward the SDB goal. Reaching 12% is a good sign for the 8(a) program going forward.

Excerpt: Pennsylvania Gov. Josh Shapiro signed an executive order Tuesday to increase opportunities for small and small diverse businesses to compete for state contracts, make the Commonwealth procurement process more accessible, and take steps to help small businesses and small diverse businesses grow, succeed, and create good-paying jobs. #BusinessNews #SmallBusinesses #PhillyBusinesses #PhillyEntrepreneurs #PennsylvaniaNews #PennsylvaniaBusinesses

Big news for small businesses: In FY23, the federal government exceeded its Small Disadvantaged Business contracting goal for the second consecutive year, awarding these businesses 12.1% of federal contracts, totaling a record-breaking $76.2 billion! Learn about recent reforms to level the playing field for all contracting entrepreneurs through a more equitable federal procurement system and buying strategy: https://lnkd.in/eTPmsdvE

This is certainly a move in the right direction to help strengthen America’s small businesses in federal contracting. It is important to know though that the statistics show an increase in total dollar amounts awarded to SDB’s but a continued decrease in the overall number of small businesses in federal contracting over the last several years. I would like to see the overall number of small businesses improve as well. I am also curious how many of the self-certified SDB’s really are SDB though? I see contractors bid on jobs dedicated for SDB’s knowing they do not meet the criteria but they self-certify anyway. People are worried about WOSB or SBVOSB fraud but I suspect SDB will have its turn in in the spotlight within a few years. Maybe the SBA will do away with self-certification for SDB’s? #federalcontracting #sbvosb #wosb #hubzone #8a #smallbusiness

Due to current SBA size standards, small firms can’t compete with the large federal contractors overnight. Government contractors experience a unique pattern in their growth which is causing a “midsize” business crisis. This pattern of sudden growth is increasingly common because of the government’s more frequent use of large indefinite delivery, indefinite quantity (IDIQ) contract vehicles, under which contractors can be awarded huge task orders. Learn more: https://lnkd.in/ecQgRCfE #govcon #governmentcontracting #smallbusiness #business #governmentcontracts #entrepreneur #government #federalcontracting #procurement #governmentcontractors #governmentcontract #goals #sba #consulting #contracts #consultant #success #smallbiz #wosb #rfp #governmentcontractor #strategic