Section 1 Short title
This Act may be cited as the “Accelerated Payments for Small Businesses Act of 2018”.
Accelerated Payments for Small Businesses Act of 2018
A BILL
To amend section 3903 of title 31, United States Code, to establish accelerated payments applicable to contracts with certain small business concerns, and for other purposes.
Sec. 2 Accelerated payments applicable to contracts with certain small business concerns under the Prompt Payment Act
Section 3903(a) of title 31, United States Code, is amended—
in paragraph (1)(B), by inserting “except as provided in paragraphs (10) and (11),” before “30 days”;
in paragraph (8), by striking “and”;
in paragraph (9), by striking the period at the end; and
by adding at the end the following new paragraphs:
“(10) for a prime contractor (as defined in section 8701(5) of title 41) that is a small business concern (as defined under section 3 of the Small Business Act (15 U.S.C. 632)), to the fullest extent permitted by law, establish an accelerated payment date with a goal of 15 days after a proper invoice for the amount due is received if a specific payment date is not established by contract; and
“(11) for a prime contractor (as defined in section 8701(5) of title 41) that subcontracts with a small business concern (as defined under section 3 of the Small Business Act (15 U.S.C. 632)), to the fullest extent permitted by law, establish an accelerated payment date with a goal of 15 days after a proper invoice for the amount due is received if—
“(A) a specific payment date is not established by contract; and
“(B) such prime contractor agrees to make payments to such subcontractor in accordance with such accelerated payment date, to the maximum extent practicable, without any further consideration from or fees charged to such subcontractor.”