The Small Business Administration recently refined its definition of a “small business” for the purposes of qualifying for federal aid and contract set-asides. Depending on the industry, a small business may be defined by the number of employees, receipts, assets or other factors. The new definitions are industry-specific.
About 8,350 companies are believed to be newly eligible for the small-business designation, according to a Bloomberg Government article published in The Washington Post. Among those affected, 958 engineering and technical services contractors that were previously considered large businesses will now be considered small. In 2011, $220 million in federal contracts for engineering and technical services were reserved for small businesses.