US To Speed Up Small Business Payments: White House

Law360, New York (September 15, 2011, 6:55 PM EDT) -- The White House Office of Management and Budget told federal agencies Wednesday to speed up their payments to small businesses for government contract work in order to stimulate job creation and economic growth.

President Barack Obama announced the move in a speech in Raleigh, N.C., on Wednesday, saying it would aid small businesses by putting “more money in their pockets quicker, which means they can hire folks quicker.”

Under the Prompt Payment Act, agencies are generally required to pay contractors within 30 days of receiving an...
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