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Peters Bipartisan Bill to Expand Federal Contracting Opportunities for Small Businesses Signed into Law

WASHINGTON, D.C. – A bipartisan bill authored by U.S. Senator Gary Peters (MI), Chairman of the Homeland Security and Governmental Affairs Committee, to encourage innovation in contracting and expand opportunities for small businesses to work with the federal government has been signed into law. Federal contracts can provide significant opportunities for small businesses, but some agencies have been reluctant to utilize the Small Business Administration’s (SBA) contracting programs. The Promoting Rigorous and Innovative Cost Efficiencies for Federal Procurement and Acquisitions (PRICE) Act will resolve this issue by requiring the Office of Management and Budget (OMB) to work with federal acquisition administrators to share innovative best practices that will help modernize contracting procedures, realize cost savings for taxpayers, and ensure the doors of federal contracting are open to as many small businesses as possible to expand our industrial base.

“Every small business in Michigan and across the nation should have an equal opportunity to help serve the American people. That is why it is essential that these businesses – which are the foundation of our economy – have a fair opportunity to win federal contracts,” said Senator Peters. “I’m grateful to President Biden for signing this important legislation into law so that disadvantaged small businesses can compete on a level playing field when it comes to the federal contracting process.”

Small businesses that want to compete in the federal marketplace often face hurdles to participating in government procurement. This is especially true for women-owned, veteran-owned, minority-owned, and other disadvantaged small businesses. The PRICE Act will ensure that small businesses are front and center in the acquisition process by encouraging government entities to adopt new and innovative practices, increase small business participation in government contracting, modernize the federal acquisition process, and report on how to improve mission outcomes and save taxpayer money.

The law is supported by a broad coalition of groups including Small Business Majority, Association of Procurement Technical Assistance Centers (APTAC), GovEvolve, HUBZone Contractors National Council, Women Veterans Business Coalition, and the Montgomery County Chamber of Commerce.

“The HUBZone Contractors National Council commends Senator Peters for leading the PRICE Act. Small business participation in the federal marketplace is key to ensuring a strong industrial base, however, small businesses find that agencies continue to be reluctant to utilize these programs,” said Michelle Burnett, Executive Director. HUBZone Contractors National Council. “The PRICE Act provides increased opportunities for HUBZone companies by encouraging the acquisition workforce to share innovative best practices to increase small business participation across the federal government.”

“Small IT companies are at the forefront of innovation, but often face barriers when selling to the federal government,” said Eminence Griffin, Executive Director, GovEvolve. “The PRICE Act addresses the need for modernizing the federal acquisition system and will be transformative for small business IT contractors around the country. GovEvolve is thrilled to support the PRICE Act and thanks Senators Peters and Ernst for championing this important issue.”

“APTAC is proud to support the PRICE Act. APTAC believes in sharing best practices and the difference it can make for all concerned,” said Terri Williams, President, APTAC. “APTAC members frequently share their own best practices with each other, which lends itself to invaluable information gained from the experience of others.  APTAC and its members applaud actions taken for the betterment of Government contracting—for our Government and the private sector.”