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 18607) revising small business size definitions (commonly referred to as “size standards) for businesses in four North American Industry Classification System (NAICS) Sectors: Agriculture, Forestry, Fishing, and Hunting (NAICS Sector 11); Mining, Quarrying, and Oil and Gas Extraction (Sector 21); Utilities (Sector 22); and Construction (Sector 23).  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 68 size standards in those sectors, including 60 in Sector 11, three in Sector 21, three in Sector 22, and two in Sector 23.  The revised size standards will become effective on May 2, 2022.