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99 -- SBA INCREASES MONETARY-BASED SIZE STANDARDS TO ACCOUNT FOR INFLATION

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Reference-Number-inflation-increase-02.15.2002Federal

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AI Contract Overview

Effective February 22, 2002, the U.S. Small Business Administration (SBA) adjusted its monetary-based size standards—including receipts, net income, net worth, and assets—to reflect inflation since 1994. This adjustment addresses a roughly 15.8% increase in U.S. price levels measured by the chain-type price index for gross domestic product between 1994 and the third quarter of 2001. By increasing these size standards, the SBA aims to preserve the eligibility of firms that may have lost their small business status solely due to inflationary effects. Additionally, the SBA implemented a regulatory provision mandating a review of these monetary-based size standards at least once every five years to ensure that they remain current with inflation, preventing inadvertent loss of small business status because of economic changes. This rule applies to federal procurements with solicitations issued on or after February 22, 2002, with an exception for noncompetitive Section 8(a) contracts, where the updated standards are effective for accepted offers on or after that date. The SBA announced this change as an interim final rule in January 2002, allowing a 30-day comment period ending February 22, 2002. This adjustment seeks to maintain fairness in small business program eligibility and participation in federal contracting by accounting for inflation-driven changes in business financial parameters.

General Info

SBA increased size standards by 15.8% inflation adjustment, effective February 22, 2002.

Agency

N/A

NAICS

926150 - Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors

Place of Performance

Not specified

Set-Aside

NONE

Documents

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Timeline

PostedFeb 15

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Organization & Contact Information

AgencyN/A

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Organization / Agency

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Full Description

Effective February 22, 2002, the U. S. Small Business Administration (SBA) adjusted its monetary-based size standards, (e.g., receipts, net income, net worth and assets) for the effect of inflation. This action is intended to maintain the value of size standards in inflation-adjusted terms. From 1994 to the third quarter of 2001 the general level of prices in the United States increased approximately 15.8% as measured by the chain-type price index for gross domestic product. This change will restore eligibility to firms that may have lost small business status solely due to the effect of inflation. SBA is also adding a provision in its regulations that will require, at least once every five years, an assessment of the inflationary impact on monetary-based size standards. This periodic review will generally ensure that monetary-based standards are current with inflationary factors, as appropriate, and that firms will not lose small business status due solely to the effect of inflation. For the purposes of Federal procurements, this rule applies to solicitations, except for noncompetitive Section 8(a) contracts, issued on or after February 22, 2002. For the purpose of noncompetitive Section 8(a) contracting actions, the new size standards are applicable to offers of requirements that are accepted by SBA on or after February 22, 2002. SBA published this change as an interim final rule in the Federal Register on January 23, 2002. Comments to the interim final rule are due to SBA by February 22, 2002. The interim final rule can be downloaded and/or viewed at http://www.sba.gov/size/indexwhatsnew.html.