According to the Small Business Administration (SBA), the federal government exceeded its Fiscal Year 2020 (FY20) small business contracting goal while adding almost a million jobs to the economy.
The Federal Procurement Scorecard showed that small businesses received $145.7 billion in federal contract funds, representing a $13 billion increase over the previous year. The additional jobs were attributed to prime contract dollars and subcontracts awarded to small businesses.
The analysis determined the government exceeded service-disabled veteran-owned small business and small disadvantaged business goals of 3 percent and 5 percent and spent more than $27 billion with women-owned small businesses and more than $13 billion with Historically Underutilized Business Zones (HUBZone) businesses.
The SBA noted the Federal Procurement Scorecard serves as an assessment tool to measure how federal agencies attain small business and socio-economic prime contracting and subcontracting goals; provide accurate and transparent contracting data; deliver reports regarding agency-specific progress.
The SBA acknowledged although the value of small-business awards increased overall, the number of small businesses receiving prime contracts with the federal government decreased – adding via the Biden-Harris Administration the agency would continue to examine and expand small business contracting goals in accordance with equity commitments.