President Obama Announces Faster Payments to Small Federal Contractors: Agencies Work to Reduce Payments from 30 Days to 15 Days
by Karen Mills, Former SBA Administrator
- Created: September 14, 2011, 3:03 pm
- Updated: September 14, 2011, 3:37 pm
The thousands of small businesses that provide great products and services to the federal government have a big reason to cheer the President’s “QuickPay” announcement today, which will cut in half the amount of time it takes to put money in their hands to 15 days instead of 30 days. This results in a permanent infusion of cash flow into their business, which they can put towards working capital, expanding their businesses, marketing their products, and creating jobs. Recently, I talked to Rachel Carson, the President of a Philadelphia business called Helicopter Tech. She was very excited when I asked her how this might help her business, saying that it would help with cash flow, payroll, and much more.When businesses like hers consistently get paid faster, their financial footing gets stronger – permanently. And with nearly $100 billion each year in federal contracts going to small businesses, cutting in half the time they get paid is a powerful way to help businesses make the decision to go ahead and buy that next piece of equipment or hire that next worker.Overall,“QuickPay” is a smart and powerful boost that effectively delivers billions more dollars into the hands of small contractors so that they can do what they do best – create jobs.Read more here.
About the Author
Karen Gordon Mills is the Former Administrator of the U.S. Small Business Administration. The SBA helps both Main Street and high-growth small businesses get access to capital, counseling, federal contracts, disaster assistance and more.
Top Rated Articles
About This Blog
The Official Blog of the U.S. Small Business Administration with news and views from top SBA officials