Small Businesses could see their ability to conduct business with the US military expand thanks to a new bill introduced by Senators Marco Rubio (R-FL) and Tom Cotton (R-AR).
The Defense Innovation and Small Business Momentum Act would codify current exemptions for small businesses from complex data disclosures required to receive US Department of Defense (DoD) contracts.
In 2018, the Trump administration created a pilot program exempting businesses receiving contracts valued at less than $7.5 million from requirements for audit and records examination.
The Biden administration extended the program, which expires in October 2024.
Senator Rubio and Cotton are seeking to enshrine the program in perpetuity through their latest bill.
“Overbearing rules and regulations have made it hard for small businesses to win Department of Defense contracts,” said Rubio. “There is already a temporary solution to help give America’s small businesses a better chance by not requiring as many bureaucratic roadblocks; my bill will make this solution permanent.”
Noting increased regulatory hurdles, HigherGov explained the latest data for government contract recipients.
In total, DoD granted small businesses contracts amounting to $178.6 billion, the highest amount to date.
National Small Business Administrator Isabel Casillas Guzman celebrated the accomplishment.
“Through President Biden’s Investing in America agenda, we have championed initiatives to fuel the nation’s economy, ensuring competition and a level playing field so that small businesses can access the historic level of investments through federal contracting,” said Administrator Guzman.”
According to HigherGov, while the total amount granted to small businesses increased overall, the year saw decreasing percentages of total small business contracts and in the number of small businesses receiving contracts
