U.S. Rep. Newman (IL-03) Introduces The Expanding Contracting Opportunities For Small Businesses Act
WASHINGTON, D.C. – Today, Congresswoman Marie Newman (D-IL) and Congresswoman María Elvira Salazar (R-FL) introduced the Expanding Contracting Opportunities for Small Businesses Act. They are joined by their colleagues Rep. Amata Radewagen (R-American Samoa), Rep. Dwight Evans (D-PA), and Rep. Pete Stauber (R-MN).
"By increasing the sole-source thresholds for SBA contracting programs, we're expanding contracting opportunities for minority-owned businesses who historically are at a competitive disadvantage. On top of that, under this legislation, women-owned, service-disabled veteran-owned, 8(A) disadvantaged businesses and rural businesses will have greater access to capital," said Congresswoman Newman (D-IL). "As we continue our road to economic recovery, let's pass this legislation so we can provide our small businesses and workers with more opportunities to work, grow and succeed."
This is a critical measure that will help our small businesses, particularly disadvantaged contractors who have been devastated by the COVID-19 pandemic. These changes will level the playing field and encourage more small contractors to participate in government programs leading to a quicker rebuilding of the US economy.
“I am so excited to introduce the Expanding Contracting Opportunities for Small Businesses Act, which will help the hardest-hit areas of our economy to recover from COVID-19 and continue to grow into the future,” said Congresswoman Salazar (R-FL). “This bill will directly benefit our small, minority, and veteran-owned businesses in Florida’s 27th District who want to participate in the federal contracting process and boost economic growth at a time when it is needed most.”
Specifically, this bill raises caps on sole-source contracting for small businesses through the Small Business Administration (SBA) from $5 million to $8 million for general contracts and from $7 million to $10 million for manufacturing contracts. This contracting program directly benefits veteran-owned, women-owned, and minority-owned businesses, as well as those operating in economically disadvantaged areas. It will also help boost U.S. small manufacturing capabilities. Prior to COVID-19, SBA’s caps for sole source contracting have been stagnant for decades.