President Obama announced today an initiative that cuts the timeit takes for federal agencies to pay small businesses from 30 to 15days.
|QuickPay applies to the products and services businesses deliverto the federal government.
|When small contractors get their money in 15 days instead of 30,it results in a permanent infusion of cash flow into theirbusinesses, said Karen Mills, administrator of the U.S. SmallBusiness Administration.
|“They can put that money towards working capital, expandingtheir businesses, marketing their products, and creatingjobs. Their financial footing gets stronger – permanently,”Mills said.
|According to the SBA, nearly $100 billion in federal contractsgo to small businesses each year.
|Last week, Obama proposed the American Jobs Act, which contains several provisions to helpcreate more jobs.
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