ARTICLE
"On June 24, 2019, the SBA finally issued a Proposed Rule to implement the Act, and on December 5, 2019, SBA issued a Final Rule announcing that the Act’s new formula for determining the size status of companies in some industries would become effective as of January 6, 2020. Therefore, as of the date of this alert, the measurement period for determining whether a contractor qualifies as a small business concern under revenue-based size standards has been extended to an average of the most recently completed five fiscal years, replacing the most recent three fiscal-year period that the SBA previously employed for this purpose. The Act did not change the SBA’s historic methodology for calculating contractor size status under employee-based size standards." Read the full article from Womble Bond Dickinson here.