A bill to provide for prompt payments to small business contractors, and for other purposes.

Bill: 115-s-2893
Sponsor: full_name: Sen. Cardin, Benjamin L. [D-MD]
Introduced: 2018-05-22
Policy area: Armed Forces and National Security
Latest action: action_date: 2018-05-22
text: Read twice and referred to the Committee on Armed Services.

Summaries:
action_date: 2018-05-22
action_desc: Introduced in Senate
text: <p> This bill establishes a goal for payment of small business invoices by federal agencies of 15 days after receipt of a proper invoice if a specific payment date is not established by contract.</p>

tv_txt: II 115th CONGRESS 2d Session S. 2893 IN THE SENATE OF THE UNITED STATES May 22, 2018 Mr. Cardin (for himself and Mr. Enzi ) introduced the following bill; which was read twice and referred to the Committee on Armed Services A BILL To provide for prompt payments to small business contractors, and for other purposes.

1. Prompt payments of small business contractors Section 2307(a) of title 10, United States Code, is amended— (1) by redesignating paragraphs (1) and (2) as subparagraphs (A) and (B), respectively; (2) by striking The head of any agency may— and inserting (1) The head of any agency may ; and (3) by adding at the end the following new paragraph: (2) (A) For a prime contractor (as defined in section 8701 of title 41) that is a small business concern (as defined in section 3 of the Small Business Act ( 15 U.S.C. 632 )), the head of an agency shall, to the fullest extent permitted by law, establish an accelerated payment date with a goal of 15 days after receipt of a proper invoice for the amount due if a specific payment date is not established by contract. (B) For a prime contractor that subcontracts with a small business concern, the head of an agency shall, to the fullest extent permitted by law, establish an accelerated payment date with a goal of 15 days after receipt of a proper invoice for the amount due if— (i) a specific payment date is not established by contract; and (ii) the prime contractor agrees to make payments to the subcontractor in accordance with the accelerated payment date, to the maximum extent practicable, without any further consideration from or fees charged to the subcontractor. .