President Trump Signs Law Expanding Definition of Small Business

 According to JD Supra.com, on Dec. 17, President Trump signed into law the Small Business Runway Extension Act (H.R. 6330), which modifies the method for assigning size standards for small businesses.

Under the existing law, the Small Business Administration (SBA) requires that businesses report their average gross receipts over the previous three years to be categorized as a "small business,” including for federal contractors. The law modifies the SBA reporting requirements to allow businesses to report average earnings over the last five years, rather than three."

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