SBA Revises Small Business Size Standards in Four Industry Sectors

On March 31, 2022, SBA published a final rule in the Federal Register (87 FR 18627) revising small business size definitions (commonly referred to as “size standards”) for businesses in four North American Industry Classification System (NAICS) Sectors: Transportation and Warehousing (NAICS Sector 48-49); Information (Sector 51); Finance and Insurance (Sector 52); and Real Estate and Rental and Leasing (Sector 53).  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 45 size standards in those sectors, including 18 in Sector 48-49, eight in Sector 51, ten (five revenue-based and five asset-based) in Sector 52, and nine in Sector 53.  The revised size standards will become effective on May 2, 2022.