According to a recent SBA press release, there is a proposal to revise the definition of small businesses. This redefinition of how “small” a business is, is in accordance with the Small Business Act. The establishment of size standards has two considerations.
The first one is that it should have variance depending on industries to account for the differences between them and the second is that the policies set forth by the Small Business Administration should be for further help to small business concerns by encouraging them and reinforcing competitiveness. Small business concerns are defined by the Small Business Act as one that “is independently owned and operated which is not dominant in its field of operation”.…Continue reading