SBA Updates Size Standards for Many Industries
On March 31, 2022, the Small Business Administration issued several Final Rules, as part of the ongoing effort to update the Small Business Size Standards for many industries.
The SBA size standards are important – businesses that qualify as “small” under these size standards can gain access to many additional opportunities set aside for small businesses. The size standards are also important for businesses looking to qualify for Disadvantaged Business Enterprise (DBE) certification. To be a DBE, you must meet the SBA size standards for your primary industry code (i.e. your NAICS code).
One of the more notable increases is for Engineering Services (NAICS 541330) which increased from $16.5 million to $22.5 million. This is a welcome increase for engineering firms that look to benefit from the infrastructure spending.
Want to check to see if your NAICS code was one that had a change? Refer to the links below, as the most up-to-date table of all NAICS codes (in the Code of Federal Regulations) does not yet include this new information. Please also keep in mind that the tables provided on the SBA’s website have not been updated since 2019 and do not have the most up-to-date information.
Links to the four Final Rules issued on March 31, 2022 and effective May 2, 2022: