Story excerpt provided by SmallGovCon

Small business federal contractors may soon want to think about getting new luggage. The FAR will be updated to allow for – but not require – small business set-asides in overseas procurements. This has the potential to open up a substantial number of contracting opportunities to small businesses who have the capabilities to compete. The final rule will be effective May 26, 2022. Here are some of the key details to know about.

The rule was originally proposed in 2019 and the FAR Council reviewed 26 comments. The FAR update is based on similar changes to SBA rules. In an October 2, 2013, final rule, the SBA applied the Small Business Act to overseas acquisitions. That change updated SBA rules at 13 CFR 125.2 to reflect that the Small Business Act applies “regardless of the place of performance.”

But contracting officers usually look first to the FAR when determining how to run a procurement.

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Originally published May 3, 2022.