Accelerated Payments for Small Businesses Act of 2018

Bill: 115-hr-5337
Sponsor: full_name: Rep. Knight, Stephen [R-CA-25]
Introduced: 2018-03-20
Policy area: Government Operations and Politics
Subjects: Minority and disadvantaged businesses

Public contracts and procurement

Small business

Wages and earnings
Latest action: action_date: 2018-03-20
text: Referred to the House Committee on Oversight and Government Reform.

Summaries:
action_date: 2018-03-20
action_desc: Introduced in House
text: <p><b>Accelerated Payments for Small Businesses Act of 2018</b></p> <p>This bill establishes a goal for federal agencies to pay small business invoices within 15 days of receiving a proper invoice if a specific payment date is not established by contract.</p>

tv_txt: I 115th CONGRESS 2d Session H. R. 5337 IN THE HOUSE OF REPRESENTATIVES March 20, 2018 Mr. Knight (for himself, Mr. Espaillat , Mr. Chabot , and Ms. Velázquez ) introduced the following bill; which was referred to the Committee on Oversight and Government Reform A BILL To amend section 3903 of title 31, United States Code, to establish accelerated payments applicable to contracts with certain small business concerns, and for other purposes.

1. Short title This Act may be cited as the Accelerated Payments for Small Businesses Act of 2018 . 2. Accelerated payments applicable to contracts with certain small business concerns under the Prompt Payment Act Section 3903(a) of title 31, United States Code, is amended— (1) in paragraph (1)(B), by inserting except as provided in paragraphs (10) and (11), before 30 days ; (2) in paragraph (8), by striking and ; (3) in paragraph (9), by striking the period at the end; and (4) by adding at the end the following new paragraphs: (10) for a prime contractor (as defined in section 8701(5) of title 41) that is a small business concern (as defined under section 3 of the Small Business Act ( 15 U.S.C. 632 )), to the fullest extent permitted by law, establish an accelerated payment date with a goal of 15 days after a proper invoice for the amount due is received if a specific payment date is not established by contract; and (11) for a prime contractor (as defined in section 8701(5) of title 41) that subcontracts with a small business concern (as defined under section 3 of the Small Business Act ( 15 U.S.C. 632 )), to the fullest extent permitted by law, establish an accelerated payment date with a goal of 15 days after a proper invoice for the amount due is received if— (A) a specific payment date is not established by contract; and (B) such prime contractor agrees to make payments to such subcontractor in accordance with such accelerated payment date, to the maximum extent practicable, without any further consideration from or fees charged to such subcontractor. .