On Friday, October 2, 2020 SBA published a proposed rule in the Federal Register proposing to revise the small business size definitions for businesses in four North American Industry Classification System (NAICS) Sectors: : Transportation and Warehousing (NAICS 48-49); Information (NAICS 51); Finance and Insurance (NAICS 52); and Real Estate and Rental and Leasing (NAICS 53). The proposed rule is part of the second 5-year rolling comprehensive review of small business size standards, as required under the Small Business Jobs Act of 2010 (Public Law No. 111-240, sect. 1344, September 27, 2010).
SBA proposes to increase size standards for 45 industries in those sectors, including 18 industries in the Transportation and Warehousing sector, 8 industries in the Information sector, 5 revenue-based and 5 asset-based industries in the Finance and Insurance Sector, and 9 industries in the Real Estate and Rental and Leasing sector.
If you would like to submit comments on SBA’s proposed rule, identify them by RIN 3245-AG90 (Small Business Size Standards: Transportation and Warehousing; Information; Finance and Insurance; Real Estate and Rental and Leasing). We recommend that you comment through the Federal eRulemaking Portal: https://www.regulations.gov. Follow the instructions there for submitting comments. The period for comments ends on December 1, 2020.
You may also review the proposed rule together with comments from interested parties by going to https://www.regulations.gov.