H.R.2345 - Clarifying the Small Business Runway Extension Act116th Congress (2019-2020) |
|Sponsor:||Rep. Stauber, Pete [R-MN-8] (Introduced 04/18/2019)|
|Committees:||House - Small Business | Senate - Small Business and Entrepreneurship|
|Committee Reports:||H. Rept. 116-116|
|Latest Action:||Senate - 07/16/2019 Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship. (All Actions)|
This bill has the status Passed House
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Summary: H.R.2345 — 116th Congress (2019-2020)All Information (Except Text)
Passed House (07/15/2019)
Clarifying the Small Business Runway Extension Act
This bill addresses the statutory authority of the Small Business Runway Extension Act of 2018.
The Small Business Administration (SBA) is subject to the Act's requirements for prescribing size standards for small businesses.
The SBA must (1) issue a final rule implementing such Act by December 17, 2019, and (2) implement a transition plan to assist businesses and federal agencies in complying with the Act's requirements.
The bill calculates (1) size standards for small businesses providing services on the basis of the annual average gross receipts of the business over a five-year period (currently, at least a five-year period); and (2) the size of other businesses on the basis of data over a five-year period (currently, at least a three-year period).
The System for Award Management must be updated to comply with the requirements of this bill.