Small Business Size Standards: Adoption of 2022 North American Industry Classification System for Size Standards
The U.S. Small Business Administration (“SBA” or “Agency”) amends its small business size regulations to incorporate the U.S. Office of Management and Budget’s (OMB) North American Industry Classification System (NAICS) revision for 2022, identified as NAICS 2022, into its table of small business size standards. The NAICS 2022 revision created 111 new industries by reclassifying, combining, or splitting 156 NAICS 2017 industries or their parts. To read the full summary and details, please click here.
Defense Department Earns Top Performance Rating in Small Business Procurement Index
For the eighth consecutive year, the Defense Department achieved an “A” rating for performance against its small business procurement goals. Released on July 26, the annual U.S. Small Business Administration scorecard puts into context the critical role small businesses play in fulfilling the department’s mission. To view the scorecard and hear the DoD’s commentary on the release, please click here. [August 2022]
There is no formal certification for small businesses. Rather, a business that is at or below the Size Standard for the NAICS code associated with a procurement can self-certify as a Small Business for that procurement. The Size Standards for each NAICS code can be found at www.sba.gov. Each Size Standard is based on either average annual receipts or average employment.
For Size Standards that are based upon yearly average receipts, yearly average annual receipts are calculated based on the total receipts over the last 5 years.
For Size Standards based upon the average employment, an average number of employees is calculated based upon numbers of employees for each of the pay periods for the preceding completed 12 calendar months.
Office of Small & Disadvantaged Business Utilization (OBSDU)
The Office of Small and Disadvantaged Business Utilization (OSDBU) is an advocacy and advisory office at each federal agency responsible for promoting the use of small, small disadvantaged, 8(a), women-owned, veteran-owned, service-disabled veteran-owned, and HUBZone small businesses in the acquisition process.
For additional information on this topic, please contact our staff of experts at firstname.lastname@example.org or 414-270-3600