SBA Increases Small Business Size Standards

July 8, 2013

SBA Increases Small Business Size Standards

On June 20, 2013, the Small Business Administration (SBA) issued a final rule increasing the small business size standards for several North American Industry Classification System codes, including those for the finance, insurance, agricultural, mining, arts, entertainment, and recreation industries. The final rule increases the size standards by over 400 percent for some industries. Under the final rule, SBA estimates that thousands of additional firms will now qualify as “small.” This rule will not only affect businesses that are above the previous size standards that may now qualify for small business status, but also prime contractors attempting to meet their small business contracting goals. The final rule became effective July 22, 2013. (78 Fed. Reg. 37404, 6/20/13.)






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