Friday, August 22, 2008

Small Business Size: Inflation Adjustment to Size Standards

24-7 — Online Representations and Certifications Application also referred to as (ORCA) has globally updated records to meet inflation. For those that are registered in (ORCA) will see an email from the Administrator "This note is to inform you that (ORCA) was upgraded on August 18, 2008." This requires no additional effort on your part but you should be aware of this change if you are doing business in the Federal Marketplace.

Small Business Administration
The U.S. Small Business Administration has issued a final rule that adjusts monetary-based small business size standards for inflation. The rule finalizes the Agency's December 6, 2005 interim final rule that also amended monetary-based small business size standards for inflation. However, this rule adds an additional 8.7 percent to the inflation-adjusted size standards of the December 2005 interim final rule. This additional 8.7 percent accounts for inflation that has occurred since then. This rule also adopts the interim final rule's two-step process for determining eligibility for SBA's Business Loan and Economic Injury Disaster Loan (EIDL) Programs. Furthermore, the rule adopts the revised date that SBA uses to determine size status for purposes of EIDL applications for businesses located in declared disaster areas as a result of Hurricanes Katrina, Rita, and Wilma. DATES: Effective Date: This rule is effective on August 18, 2008.

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