Small Business Administration Announces New Size Standards
To help small business owners assess their small business status, the SBA has established a Table of Small Business Size Standards, which is matched to the North American Industry Classification System (NAICS) for industries. The current table of size standards is based on the 2017 NAICS.
The U.S. Small Business Administration (SBA) updates its table of small business standards, adopting the U.S. Office of Management and Budget’s (OMB) NAICS revision for 2017 (NAICS 2017), which created 21 new industries by reclassifying, combining, or splitting 29 existing industries under changes made to NAICS in 2012 (NAICS 2012).
SBA’s size standards for these 21 new industries resulted in an increase to size standards for six NAICS 2012 industries and part of one industry, a decrease to size standards for two industries, a change in the size standards measure from average annual receipts to number of employees for one, and no change in size standards for 20 industries and part of one industry. The updated size standards became effective October 1, 2017.