April 18, 2020
Jeffrey Koses, a senior procurement executive for The General Services Administration (GSA), announced in a recent memo that GSA’s contracting personnel would be able to accelerate payments to its contractors. Contractors include small business prime contractors and prime contractors’ small business subcontractors. The payment times deviate from the federal rules of 30 days down to 15 days.
An article in Washington Technology, originally featured on FCW.com, lays out the changes to payment times. The managing director of the Federal Market Access Group at BDO USA, Larry Allen, was quoted saying “small businesses live and die on cash flow,” he continued with “if payments are delayed, they can suffer or even sink, he said.”
To read more about the changes made to the payments for small business contractors and subcontractors click here.