In March 2022, the Small Business Administration (SBA) released a final ruling increasing the common definitions of the receipts-based small business sizes (more commonly known as “size standards”) for the North American Industry Classification System (NAICS) Sectors. The SBA increased the size standards for 68 industries within four NAICS Sectors: Sector 11 (Agriculture, Forestry, Fishing and Hunting), three industries in Sector 21 (Quarrying, and Oil and Gas Extraction), three industries in Sector 22 (Utilities), and one industry and one subindustry (‘‘exception’’) in Sector 23 (Construction). The rule takes effect May 2, 2022.
This final rule is one of a series of final rules to revise all NAICS Sectors. The SBA chose to group industries that use the same size measure (i.e., employees or receipts), rather than revise them all at the same time.
Author: Carl Gorkos, WBD Senior Consultant