Small Business Procurement Reform Act of 1981

Small Business Procurement Reform Act of 1981 - Requires that any Government procurement contract for which a notice for bidding is published in the Commerce Business Daily remain open for bidding for at least 30 days. Establishes exceptions to such requirement in specified circumstances.

Amends the Small Business Act to establish a goal of 20 percent participation by small business concerns with each Federal agency for the procurement of items which the Small Business Administration (SBA) determines can be produced by small business. Directs each Federal agency to take all feasible steps to subdivide large procurements into smaller components on which small businesses can bid.

Requires any Federal agency to provide small business concerns, upon request, with copies and summaries of laws and regulations materially affecting the performance of contracts open for bids under $100,000.

Establishes Government procurement contract arbitration panels within the SBA to facilitate the resolution of contract disputes between any small business concern and any Federal agency having procurement authority.

Establishes the Small Business Procurement Advisory Committee to advise the Administrator of the SBA and Congress on Government procurement contracts awarded to or set aside for small business concerns.