February 23, 2022

Neguse Bill to Forge New Partnerships Between Small Businesses and Federal Government Signed Into Law

Washington D.C.— Last night, Congressman Joe Neguse’s bipartisan, bicameral proposal to spur local economic growth and expand partnership opportunities between small businesses and the federal government was signed into law by President Biden. The bill—The Promoting Rigorous and Innovative Cost Efficiencies for Federal Procurement and Acquisitions (PRICE) Act—will modernize federal contracting procedures and ensure Colorado’s small businesses have an equal opportunity to participate in federal contracting. It is the 9th law enacted by Congressman Neguse in the 117th Congress. Neguse previously enacted proposals to formally authorize the Joint Chiefs Landscape Restoration Partnership—an effective and popular forest restoration program—extend the Secure Rural Schools Program to support Colorado’s mountain communities, strengthen our cybersecurity workforce and extend military travel allowances to support grieving families traveling to funerals. Congressman Neguse enacted a record 9 laws in the 116th Congress, becoming the 2nd most effective lawmaker in Congress. 

“Fundamentally, this bill is about spurring growth for our Main Street economies. It’s about supporting all entrepreneurs, minority-owned businesses, and startups, not just big business,” said Congressman Joe Neguse. “Small businesses are at the heart of the Second District, but far too often federal contracts are often out of reach for our small business owners. By expanding this access and incentivizing more federal contracts with small businesses, the PRICE Act will empower our small business owners to continue giving back to their community and hiring more workers. I thank Congresswoman Salazar for her partnership on this critical piece of legislation, and I look forward to our continued work to deliver real results for our communities.”

The PRICE Act was co-led by Congresswoman Maria Elvira Salazar in the House of Representatives and carried in the Senate by Senators Gary Peters (D-MI) and Joni Ernst (R-IA). Small business owners face many obstacles in accessing federal contracting opportunities, a problem that is particularly acute for women-owned, veteran-owned, minority-owned, and disadvantaged small businesses. The PRICE Act ensures that small businesses have equal opportunity in the acquisition process by modernizing the process and encouraging government agencies to partner with small businesses, thus boosting their participation in federal contracting.

The PRICE Act is supported by a broad coalition of groups including Small Business Majority, Association of Procurement Technical Assistance Centers (APTAC), GovEvolve, HUBZone Contractors National Council, and the Women Veterans Business Coalition.

Read bill text 
HERE.

Background:

As Co-Chair of the Congressional Caucus on Innovation and Entrepreneurship, Congressman Neguse has introduced multiple bills to expand opportunities for small businesses and to help them weather the economic impacts of the COVID-19 pandemic. His EIDL Forgiveness Act, which supports small business owners accessing emergency COVID-19 relief programs was incorporated into the bipartisan, bicameral COVID-19 relief package passed in December 2020. Additionally, Congressman Neguse is leading legislation to expand the research and development tax credit and help small businesses restructure debt. Following the Cameron Peak, East Troublesome Fires, and after the Marshall Fire, Congressman Neguse helped secure a disaster declaration to bring in Small Business Administration relief to support businesses impacted by the fires.