News
More small businesses can now apply for Federal Contracts and Loans
The SBA has adjusted its Small Business Size Standard.
The Small Business Association (SBA) has revised its small business size standard in 16 industrial sectors. This means there is an increased eligibility for SBA’s federal contracting and loan programs, expanding access of vital funding for 59,000 small businesses.
As well as expanding SBA programs to additional businesses, the administration estimates that some 844 newly qualified small businesses will have contracting opportunities worth an estimated $1bn via four final rules. This is on top of 504 loans worth almost $45 million to newly qualified small businesses.
The increase in size standards in 16 different sectors, will also enable some mid-size businesses to regain small business status.
Sectors affected include Agriculture, Forestry, Fishing and Hunting, Mining, Quarrying, Oil and Gas Extractions, Utilities and Construction.
Contact us
It is vital that you are aware of what funding is available to you, as access to loans can be key for small business growth and success.
If you need any help with cashflow projections or advice with the financial aspects of running your business, contact us today by completing our contact form. We’ll be glad to help.
Date published May 4, 2022 | Last updated Jul 22, 2022
Sign up for our newsletter
Receive important tax news suitable for business owners and self-employed professionals.
Choose the right accounting firm for you
Running your own business can be challenging so why not let TaxAssist Advisors manage your tax, accounting, bookkeeping and payroll needs? If you are not receiving the service you deserve from your advisor, then perhaps it’s time to make the switch?
Local business focus
We specialize in supporting independent businesses. Each TaxAssist Advisor runs their own business, and are passionate about supporting you.
Come and meet us
We enjoy talking to business owners and self-employed professionals who are looking to get the most out of their accounting firm. You can visit us at any of our locations, meet with us online through video call software, or talk to us by telephone.
Switching is simple
Changing accounting firm is easier than you might think. There are no tax implications and you can switch at any time in the year and our team will guide you through the process for a smooth transition.
See how TaxAssist Advisors can help you with a free, no obligation consultation