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Press Release, Office of Maryland State Senator Ben Cardin(D)
Washington – U.S. Senator Ben Cardin (D-Md.), Ranking Member of the U.S. Senate Committee on Small Business & Entrepreneurship, today announced Senate passage of legislation to ensure that small business size standards are calculated using average annual receipts from the previous five years, instead of the previous three. This change will significantly reduce the impact of years wherein businesses experience unexpectedly rapid growth, often causing them to prematurely lose their small business status.
The Small Business Runway Extension Act of 2018 (HR 6330), passed the House of Representatives in September by voice vote. The Senate companion bill (S.3562), introduced by Ranking Member Cardin, was reported out of the Senate Small Business & Entrepreneurship Committee last month by a vote of 19-0.
“Small businesses are our nation’s innovators and job creators,” said Senator Cardin. “This bill gives small business owners peace of mind that they will still have access to programs that provide lending and contracting opportunities as they attempt to take their businesses to the next level.”
The bill now goes to the President for his signature.