The Small Business Administration is tweaking its own definition of small business. This is significant because once a company qualifies as a small business then it would be eligible for some government contracts, which could mean a great deal of business.
While the redefining of the category is long overdue since it was last changed back in the 80s, it does have some bad effects. It places large enterprises in the same category as the small shops and stores that are being run by their owners.
According to Gabrielle Karol for FOX Business, “All in all, these increases in size standards will allow more than 15,000 businesses to now consider themselves “small.”
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