As we said in this space a few days ago, the SBA has put in place a safe harbor until May 14 for companies to return Paycheck Protection Program loan money if they find they don’t need it. No harm, no foul.
So, what happens if they don’t need it, but don’t return it? Maybe Clubber Lang said it best.
Just like the elves in Santa’s workshop, Congress has been busy this winter season! Among the chaos, three bills with the potential to impact small business Federal government contractors have been percolating. The first and third bill propose amendments to laws already in place covering surviving spouses of SDVOSB owners and the Department of Homeland Security’s Mentor-Protege Program, while the second bill proposes an entirely new SBA program for small businesses geared toward promoting research and development efforts. Here’s our brief summary of each bill:
The Runway Extension Act has been a hot topic for federal
government contractors. And as of this writing, the issue of the Act’s
effectiveness hasn’t been conclusively decided—though SBA says the Act isn’t
yet effective, others (including us, in various posts on this blog) have
disagreed with this analysis. A recent GAO decision decided a protest based on
the Runway Extension Act.
Recently, a member of the Senate Committee on Small Business & Entrepreneurship called for increased small business participation in federal contracts during a hearing on the SBA’s contracting programs. Senator Ben Cardin based his concern on a recent report showing that the number of small businesses with federal contracts was at a 10-year low.