Federal Support of Accelerated Payments to Small Business Subcontractors Extended

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The Office of Management and Budget (OMB) issued a memorandum (M-14-10) on July 10, 2014 which extends the policy of providing accelerated payments to small business subcontractors through December 31, 2016.

OMB Memorandum M-11-32, issued September 14, 2011, established this policy aimed at providing payments to small businesses more quickly than the usual net-30 payment terms. It directed Federal agencies to pay its contractors as soon as practicable, with the goal of making payments within 15 days. OMB Memorandums M-12-16 and M-13-15 further extended this practice thru July 11, 2014, and added the …read more

Read more here: Government Contracting

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