HB 346

Abstract

Department of Small Business and Supplier Diversity; definitions; small business. Redefines "small business" for the purposes of programs for the Department of Small Business and SupplierDiversity and the Virginia Public Procurement Act to mean a businessthat together with its affiliates has both 250 or fewer employeesand average annual gross receipts, less the cost of goods sold bythe business, of $10 million or less averaged over the previous threeyears. Currently for these programs, a business qualifies as a smallbusiness if, together with its affiliates, it has either 250 or feweremployees or average annual gross receipts of $10 million or lessaveraged over the previous three years.