The SBA’s 8(a) program provides a number of opportunities for small businesses owned by socially and economically disadvantaged individuals. In this video, I discuss the economic disadvantage eligibility requirement, highlighting the regulatory changes imposed last Wednesday:
Want to know more about how to apply for the 8(a) program? Check out our 8(a) Handbook here or reach out to us here.
As of July 15, the initial caps on net worth, adjusted gross income, and fair market value of assets for the 8(a) program have gone up. The dollar amounts for initial 8(a) economic disadvantage eligibility have increased quite a bit, making more people economically eligible. Read on for the details on this change.
One of the trickiest requirements for admission into the SBA’s 8(a) program is demonstrating social disadvantage. While some groups are presumed socially disadvantaged (as discussed here), social disadvantage can also be demonstrated based on other characteristics not specifically included in the SBA’s regulations. For those characteristics, applicants must submit a “social disadvantage narrative.” In this video, I provide you the tricks of the trade you’ll need to write a successful narrative:
For assistance drafting your social disadvantage narrative, reach out to us here!
On July 15th, big changes are coming to the SBA’s Women-Owned Small Business program certification process! We’ve discussed the changes in depth here, here, and here, but if you’re looking for the highlight reel, this video is for you:
If you have questions about WOSB certification, let’s chat!
Last month, the SBA moved to edit its regulations, taking a red pen to its current rules governing Small Disadvantaged Businesses (or SDBs), as described in the Federal Register. This blog post will highlight what the new rule will mean for current SDBs—and how businesses can become eligible for SDB subcontractor status under the new rule. While the SDB program is still alive and kicking, the rules will be simplified to eliminate a lot of language that is simply no longer applicable.
Update 5/14/2020: Since this post was originally published, SBA’s website has clarified when SBA Certification will be available and when Self-Certification will end. The post has been updated to reflect this information.
On Monday, the Small Business Administration will publish a Final Rule updating the certification methods for businesses applying for and participating in the Women-Owned Small Business program. The new Rule will also impose new thresholds for demonstrating economic disadvantage, impacting applicants not only for the WOSB program, but also the 8(a) Business Development program.
We recently discussed at length the SBA’s proposed rule to get rid of WOSB self-certification and revise some of the other WOSB certification rules. Well, it seems like SBA is crossing a lot of things off its to-do list, because in that same proposed rule, SBA also proposes to “to make the economic disadvantage requirements for the 8(a) BD program consistent to the economic disadvantage requirements for women-owned firms seeking EDWOSB status” and to “eliminate the distinction in the 8(a) BD program for initial entry into and continued eligibility for the program.”
If the rule is approved, the dollar amounts for initial 8(a) economic disadvantage eligibility would increase quite a bit, making more people economically eligible. Read on for the details on this proposed change.