A bill to amend the Small Business Act to require the payment of interest by the Federal Government on any amount due for more than thirty days to any small business concern under the terms of a contract entered into by the Federal Government and such small business concern, and to require the Federal Government to take early payment discounts only when payment is timely made, and for other purposes.
Small Business Prompt Payment Act of 1981 - Amends the Small Business Act to require the Federal Government to pay interest on overdue contract payments to small businesses. Permits a Federal agency to pay a discounted contract amount offered by a small business concern for early payment only if the payment is actually made within the time specified in the offer. Requires Federal agencies to file reports on interest payments made pursuant to this Act with the Senate and House Committees on Small Business.
Introduced in House
Introduced in House
Referred to House Committee on Small Business.
Referred to Subcommittee on General Oversight.
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