SBA Revises Small Business Size Standard in Five Industry Sectors

On March 31, 2022, SBA published a final rule in the Federal Register (87 FR 18646) revising small business size definitions (commonly referred to as “size standards”) for businesses in five North American Industry Classification System (NAICS) Sectors: Education Services (NAICS Sector 61); Health Care and Social Assistance (Sector 62); Arts, Entertainment and Recreation (Sector 71); Accommodation and Food Services (Sector 72); and Other Services (Sector 81). The final rule is part of the second five-year rolling review of size standards, as required under the Small Business Jobs Act of 2010 (Public Law No. 111-240, sect. 1344, September 27, 2010).  SBA increased 70 size standards in those sectors, including 14 in NAICS Sector 61, 18 in Sector 62, 11 in Sector 71, four in Sector 72, and 23 in Sector 81.  The revised size standards will become effective on May 2, 2022.