Advertisement

SBA Issues New Regulations for Women-Owned Small Business Federal Contracting Program

MBE Magazine Staff
Small Business Administration Logo

WASHINGTON – The U.S. Small Business Administration recently published Women-Owned Small Business  Federal Contracting program regulations that will provide a free, online certification and eligibility application process for women-owned small businesses and economically-disadvantaged women-owned small businesses. The timeline for implementation of changes to SBA’s WOSB program has been delayed to accommodate those affected by the current pandemic.   

Starting July 15, 2020, SBA will begin to implement changes consistent with the Small Business Act as amended in the National Defense Authorization Act for Fiscal Year 2015. In addition to the certification requirement for firms seeking WOSB and EDWOSB set-aside contracts, the regulations detail certification options for applicants and require authorized third-party certifiers to notify applicants of their fees and the option to use SBA’s free online certification process. 

Below are some important timelines for firms to keep in mind:

  • The current self-certification process will remain available for firms until October 15, 2020,  in certify.sba.gov;
  • Between now and July 15, 2020, WOSBs must download their documentation, currently housed in the WOSB Program Repository, from certify.sba.gov;
  • On July 15, 2020, firms can begin submitting applications for initial processing; and
  • On October 15, 2020, SBA will begin issuing decisions on certification.

The regulations detail important changes to the certification process, including the following:

  • Allows participation from firms certified by the U.S. Department of Veterans Affairs Center of Verification and Evaluations, provided they meet all eligibility requirements;
  • Confirms the continued participation of approved third-party certifiers; 
  • Eliminates the self-certification option from certify.sba.gov, effective October 15, 2020; and
  • Adopts a $750,000 net worth standard when assessing economic disadvantage for individuals in the 8(a) Business Development Program (8(a) Program). Additionally, funds invested in official retirement accounts are excluded from the analysis of an economically-disadvantaged individual’s personal net worth in both the WOSB and 8(a) Programs. This makes the economic disadvantage threshold and analysis consistent for EDWOSBs and 8(a) Program participants. 

The new WOSB Program regulations will make it easier and more efficient for contracting officers to set aside and make awards to firms certified as WOSBs and EDWOSBs and will better empower agencies to meet the 5% federal contracting goal for women-owned small businesses.  

Advertisement

Advertisement

Advertisement

Latest Stories...

Black woman in orange shirt leaning over Black man sitting at table with laptop discussing business finance.
BCH AMEN Corner Money

Establishing an Emergency Fund for Your Business

Sidney T. Curry and Saundra Curry — March 28, 2024

Black woman with curly hair is sitting at a table talking to a man in a yellow sweater with his back to the camera.
Money Mindset

Is your CPA Saving you Money or Costing you Money?

Alleson Tate — March 22, 2024

Latino woman in red jacket standing in front of a white wall with her arms folded
GameChangers

Changing Her American Dream

Tanya Isley — March 11, 2024

Woman sitting at desk looking over financial documents.
Money Mindset

What Is a Tax Strategist and Why Your Business Needs One

Alleson Tate — March 6, 2024

Image of padlock on blue data background
TechNotes

6 Impactful Cybersecurity Tips for Your Business

Ray Blakney — February 28, 2024

Climate and Energy Solutions logo

Climate and Energy Solutions Bid Opportunity

MBE Magazine Staff — February 27, 2024

Staff of money with 2024 superimposed on top
Money

What is Your Path to Prosperity in 2024?

Sidney T. Curry and Saundra Curry — February 23, 2024

Young Black man with cornrows sitting at desk talking on his phone with a laptop in front of him.
Money Mindset

The Annoying 5-Letter Word That Makes Most Business Owners Cringe — TAXES!

Alleson Tate — February 21, 2024

New Study Ranks Best States for Minority Entrepreneurs

Gaby M. Rojas — February 20, 2024

United Stats map with push pin in the middle.

Study Ranks Best States for Minority Entrepreneurs

MBE Magazine Staff — February 20, 2024

Advertisement