On August 29, 2019, the U.S. Small Business Administration (SBA) updated the small business standards, adopting the U.S. Office of Management and Budget’s (OMB) NAICS 2017 revisions. These are the industrial codes used to classify contract work types. They also define if a company is small based on its average annual revenue or employee count. For example, if bidding or working on a contract that’s classified as NAICS 541215 (Computer Systems Design Services), a company would be considered “small” if it had less than $30M in revenue, averaged over three consecutive years. (Legislation is pending to change the timeframe to five consecutive years. Stay tuned!)
DOWNLOAD BELOW: SBA Table of Size Standards U. S. Small Business Administration Table of Small Business Size Standards Matched to North American Industry Classification System Codes