Small Business Payment for Performance Act of 2023

Hozzl · 2023-12-20T08:15:28Z

Explore the details of House Bill 2726 Small Business Payment for Performance Act of 2023 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Commerce. Stay informed on legislative developments.

12/20/2023, 8:15 AM

Summary of Bill HR 2726

Bill 118 hr 2726, also known as the Small Business Payment for Performance Act of 2023, aims to provide small businesses with the opportunity to receive payment based on their performance in fulfilling government contracts. The bill seeks to incentivize small businesses to deliver high-quality products and services by tying payment to their performance metrics.

Under this legislation, small businesses that successfully meet or exceed the performance standards outlined in their government contracts would be eligible to receive additional compensation. This would not only reward small businesses for their hard work and dedication but also encourage them to strive for excellence in their work.

The Small Business Payment for Performance Act of 2023 is designed to level the playing field for small businesses competing for government contracts and ensure that they are fairly compensated for their efforts. By linking payment to performance, the bill aims to promote accountability, efficiency, and quality in government contracting. Overall, this legislation seeks to support and empower small businesses by providing them with the opportunity to earn additional compensation based on their performance. It is a step towards fostering a more competitive and fair government contracting environment that benefits both small businesses and the government.

Congressional Summary of HR 2726

Small Business Payment for Performance Act of 2023

This bill allows a small business that is awarded a construction contract by a federal agency to request an equitable adjustment if the agency's contracting officer directs a change in the contract's performance without the agreement of the small business.

The agency must provide the small business with an interim partial payment to cover additional costs resulting from such a change, and the small business must pay a first tier subcontractor or supplier the portion of the partial payment that is attributable to additional costs incurred due to the change.

Read the Full Bill

Formatted Text PDF Formatted XML

Current Status of Bill HR 2726

Bill HR 2726 is currently in the status of Bill Introduced since April 19, 2023. Bill HR 2726 was introduced during Congress 118 and was introduced to the House on April 19, 2023. Bill HR 2726's most recent activity was Referred to the House Committee on Small Business. as of April 19, 2023

Bipartisan Support of Bill HR 2726

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 2726

Primary Policy Focus

Commerce

Alternate Title(s) of Bill HR 2726

Small Business Payment for Performance Act of 2023

To amend the Small Business Act to provide interim partial payment to small business contractors that request an equitable adjustment due to a change in the terms of a construction contract, and for other purposes.