Federal Revenues Recorded by Small Businesses The 2020 Government

In 2020, small government contractors were a big success.

The U.S. Small Business Administration reports that federal agencies granted a record breaking $145.7 billion worth of contracts to small business in the past fiscal year. This was an increase by $13 billion over FY2019.

Isabel Guzman, SBA administrator, said Wednesday that despite the difficult year that small businesses have had, “the SBA is proud” to say that the nation’s entrepreneurs made use of their ingenuity and grit to complete a record contract total.The Procurement Scorecard is a measure of the U.S. government’s expenditure on contracts.

According to the SBA, between subcontracting and prime contracting, almost one million new jobs were created by the federal government in the US during fiscal year 2010. Small business subcontracts cost $82.8 billion to agencies.

Guzman stated that federal agencies can still be better at contracting with small business: “We are committed to increasing these possibilities and lowering the barriers for our small businesses to increase their revenues through contracting.”

According to a June report by the Bipartisan Strategy Center, Goldman Sachs and the political action committee Center Forward, the percentage of small business that were awarded first contracts with the federal governments fell by 79% between 2005-2019. The study showed that 38 percent of all small businesses were not awarded federal contracts between 2010 and 2019.

Federal agencies granted just 26 percent of total contracts in FY2020 to small business, surpassing the 23 percent target set by Small Business Reauthorization Act of 1977. However, the agencies failed to reach the 5 per cent goal for small business owned by women. __S.15__

Publiated at Thu 29 July 2021, 20:49:23 (+0000).

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