By Pamela J. Bethel We have good news for small businesses that contract with the federal government. The government’s policy encouraging prompt payment to small business subcontractors has been extended to December 31, 2017. In a memorandum issued on January 11, 2017, by the Office of Management and Budget, OMB Director Shaun Donovan ordered that the...
Tag: Prompt payment
Obama QuickPay Plan for Small Business: Less Than Meets the Eye?
As part of the jobs package that he presented to Congress earlier this month, President Obama announced a new “QuickPay” initiative that would reduce the deadline for federal government payments to small business prime contractors from 30 days to 14 days. Many such contractors are often plagued by cash flow problems, even though they have...