Law360, New York (October 31, 2013, 5:45 PM EDT) -- On Aug. 27, 2013, the so-called "presumed loss rule" went into effect. This is the new regulation of the U.S. Small Business Administration that establishes a rebuttable presumption: If a concern willfully misrepresents its size or status to receive the award of a federal contract, subcontract, grant or cooperative agreement that has been set aside for small businesses, the loss to the government is presumed to be the total amount expended by the government under the contract, subcontract, grant or cooperative agreement.[1] Basically if you lie to get a $10 million small business set-aside contract, do great work under the contract and are paid $10 million for the work, you may have to pay $10 million back to the government — three times over.[2]...
Law360 is on it, so you are, too.
A Law360 subscription puts you at the center of fast-moving legal issues, trends and developments so you can act with speed and confidence. Over 200 articles are published daily across more than 60 topics, industries, practice areas and jurisdictions.
