“The General Services Administration wants to keep money flowing to its small businesses contractors and subcontractors, reducing payment waits to 15 days.”
“In an April 10 memo, Jeffrey Koses, GSA’s senior procurement executive in the agency’s Office of Acquisition Policy, said the agency was allowing GSA’s contracting personnel to deviate from federal rules to speed payments to its small business prime contractors and prime contractors’ small business subcontractors within 15 days, instead of the usual 30. The change, said Koses, applies to all contracts and orders where GSA is the only agency making payments. It does not apply to federal supply schedule contracts or multi-agency contracts, he said…”
“The move, said Larry Allen, managing director of the Federal Market Access Group at BDO USA, is GSA’s recognition of the new, remote, less centralized work environment and the logistics involved. In a more diffuse working environment, payments can tend to take longer, he said.”
“‘Small businesses live and die on cash flow,’ he said. If payments are delayed, they can suffer or even sink, he said.” Read the full article here.
Source: GSA speeds payments to small business contractors – By Mark Rockwell, April 14, 2020. FCW.
