1. Short title
This Act may be cited as the “Accelerated Payments for Small Businesses Act of 2019”.
Accelerated Payments for Small Businesses Act of 2019
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.
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” at the end;
in paragraph (9), by striking the period at the end and inserting a semicolon; and
by adding at the end the following:
“(10) for a prime contractor (as defined in section 8701 of title 41) that is a small business concern (as defined in section 3 of the Small Business Act (15 U.S.C. 632)), to the fullest extent permitted by law, require that the head of an agency 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 of title 41) that subcontracts with a small business concern (as defined in section 3 of the Small Business Act (15 U.S.C. 632)), to the fullest extent permitted by law, require that the head of an agency 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) the prime contractor agrees to make payments to the subcontractor in accordance with the accelerated payment date, to the maximum extent practicable, without any further consideration from or fees charged to the subcontractor.”