When the clock strikes midnight on Sunday, July 13, thousands of relatively large companies will — poof — suddenly become small businesses.
It’s not magic. It’s just the federal government at work.
The Small Business Administration has announced plans to update the size standards used to determine which firms are eligible for the federal government’s small-business lending and contracting programs. Coming on the heels of series of tweaks to individual industries over the past few years, this will be the first broad update based on inflation the department has made since 2008.