FARFinal Rule
Federal Acquisition Regulation: Subcontracting to Puerto Rican and Covered Territory Small Businesses
Labor & WorkplaceFinance & BankingOther
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Summary
This federal rule requires government contractors to hire more small businesses from Puerto Rico and other U.S. territories when they win federal contracts. The goal is to boost economic growth in these communities by directing more government spending their way.
Key Points
- 1Federal contractors must set aside a portion of their work for small businesses located in Puerto Rico and other covered U.S. territories
- 2This applies to companies that win contracts to provide goods and services to the federal government
- 3Small businesses in these territories get preference in the bidding process, making it easier for them to compete for federal work
- 4The rule aims to create jobs and economic development in Puerto Rico and territories that have historically received less federal investment
- 5Companies that don't meet the subcontracting requirements may face penalties or lose future contract opportunities
Key Dates
Published
January 3, 2025
This summary is for informational purposes only. It may not capture all nuances of the regulation. Always refer to the official text for authoritative information.
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