Bill > HR4325

This bill, known as the Unifying Small Business Terminology Act of 2016, amends the Small Business Act to adjust the monetary range for federal procurement contracts that are exclusively set aside for small businesses. Specifically, it changes the lower end of this range from contracts valued over $2,500 to contracts valued over the "micro-purchase threshold," which is defined as $3,000, and maintains the upper limit at contracts valued not greater than the "simplified acquisition threshold," which is defined as $100,000. This adjustment aims to standardize the terminology and update the financial thresholds for these set-aside contracts, ensuring that a slightly higher minimum value is considered for small business set-asides.