Legislators Introduce Accelerated Payment Bill
Monday, March 26, 2018
On March 20, 2018, Reps. Steve Knight (R-Calif.) and Adriano Espaillat (D-N.Y.) introduced H.R. 5337, the Accelerated Payments for Small Businesses Act of 2018. This bill would require the government to establish a goal of paying all small business contractors within 15 days of receiving a proper invoice. The bill also establishes a similar goal for government contractors that have small business subcontractors. H.R. 5337 is cosponsored by House Small Business Committee Chairman Steve Chabot (R-Ohio) and Ranking Member Nydia Velázquez (D-N.Y.).
“Small business contractors rely on a consistent and reliable flow of income in order to keep their operations running smoothly,” Knight said. “The Accelerated Payments for Small Businesses Act will help ensure these businesses receive their payments in a timely and accountable manner. This consistency will enable businesses to focus on improving their services and expanding production. I want to thank Representative Espaillat, Chairman Chabot, and Ranking Member Velásquez for their help in introducing this bipartisan legislation.”
Espaillat added, “Delays in payments to federal contracts are often untenable for small business contractors and their employees. I am proud to co-sponsor the Accelerated Payments for Small Businesses Act to ensure that all transactions among small business contractors are treated with the respect and equity they deserve. Making this commitment will yield a tremendous return further incorporating small businesses including those that are women-owned, minority-owned, veteran-owned and HUBZone contractors.”
Knight is a member of the House Small Business Committee and serves as chairman of the Subcommittee on Contracting & the Workforce.