SBA Revises Employee-Based Small Business Size Standards in Eight industry Sectors: Mining, Quarrying, and Oil and Gas Extraction; Utilities; Manufacturing; Transportation and Warehousing; Information; Finance and Insurance; Professional, Scientific and Technical Services; and Administrative and Support, Waste Management and Remediation Services.
SBA is increasing employee-based small business size definitions in 144 industries. On February 15, 2023, SBA published a final rule in the Federal Register (88 FR 9970) revising employee-based small business size standards for businesses in sectors related to Mining, Quarrying, and Oil and Gas Extraction (Sector 21); Utilities (Sector 22); Manufacturing (Sector 31-33); Transportation and Warehousing (Sector 48-49); Information (Section 51); Finance and Insurance (Sector 52); Professional, Scientific and Technical Services (Sector 54); and Administrative and Support, Waste Management and Remediation Services (Sector 56). 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’s final rule increased employee-based size standards for 144 industries, including 117 in Sector 31-33, ten in Sector 22, eight in Sector 21, five in Sector 48-49, two in Sector 51, and one each in Sector 54 and Sector 56. The revised size standards will become effective on March 17, 2023.