Whether you know from firsthand experience or have read our blogs on the topic, it’s no secret that a company applying for one of SBA’s socioeconomic programs will be examined extremely closely by SBA during the application process. Sometimes even more so in the 8(a) Program. This can include sifting through the language in a company’s operating agreement (as in this case we blogged on here), down to the meeting minutes. It can sometimes be overlooked that this close review also includes a look at the personal finances of the qualifying individual, at least for 8(a) and EDWOSB programs.
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SBA Proposed Rule Relaxes Change of 8(a) Program Ownership, Allows Limited Populated Joint Ventures
The SBA has issued new proposed rules relating to the 8(a) Program. The rules clarify some aspects of ownership and control requirements for the 8(a) Program, including making change of ownership a little easier and cleaning up some 8(a) set-aside processes. The rule would also allow for populated joint ventures between similarly situated joint venture members.
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