A bill to amend the Federal Property and Administrative Services Act of 1949 to require that interest be paid on certain late payments made by Federal agencies under contracts with small business concerns and to provide that all payments under such contracts shall be paid within 6 months after completion.

Summary

Amends the Federal Property and Administrative Services Act of 1949 to require Federal agencies to pay small businesses interest on contract payments not made within 45 days after the contract has been completed. Specifies the period and rate of interest. Directs the Secretary of the Treasury to make any contract payments not made by an agency within six months after the contract has been completed and to charge that agency's account of appropriations. Requires each agency to report to Congress annually concerning the small business contracts for which the agency had to make interest payments or the Secretary had to make payments.

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1 official file

• Introduced in House

  summary · EN · 4 November 1981

  Open at official source

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