WASHINGTON – SBA Administrator Mills statement on the President’s “QuickPay” announcement today to cut in half – from 30 days to 15 days – the amount of time it takes federal agencies to pay small businesses for the products and services they deliver to the federal government:
“The thousands of small businesses that provide great products and services to the federal government have a big reason to cheer the President’s ‘QuickPay’ announcement today. When small contractors get their money in 15 days instead of 30, it results in a permanent infusion of cash flow into their businesses. They can put that money towards working capital, expanding their businesses, marketing their products, and creating jobs. Their financial footing gets stronger – permanently. With nearly $100 billion each year in federal contracts going to small businesses, cutting in half the time they get paid is a powerful way to help put America back to work now. QuickPay is a smart and powerful boost that effectively delivers billions more dollars into the hands of small contractors so that they can do what they do best – create jobs.”