You must provide copies of all the required and special licenses (e.g., city, county, and state business licenses, special licenses, etc.)?
Surprisingly, many of our clients do not have the required county or state license when we speak with them. For example – If your business is located in Fairfax County, Virginia you must have a Business Professional and Occupational License (BPOL).
The SBA will review an 8(a) Applicants business loans and lines of credit in great detail.
Here are eight items the SBA looks at:
Have you provided complete copies of the personal Federal tax returns for the last three years from all required individuals? Federal tax returns are required from each 8(a) applicant and their spouse. Currently, the SBA does not require the same for other individuals who are an officer, director, partner, member and anyone else who holds more than 10% ownership interest in the business concern who is a non-disadvantaged individual with certify.sba.gov. However, be prepared to provide these to the SBA, if requested.
Here are 10 tips to ensure you are complaint with the SBA requirements for your 8(a) Application for personal tax returns.
Any individual who has an arrest record must provide information within their 8(a) Application.
What is the impact:
The impact of an arrest record can result in either the denial of the 8(a) Application or a delay in its processing.
Spending the time upfront to ensure that your firm meets all of the eligibility requirements for 8(a) Certification can save you countless hours of frustration, the expense of putting the application together incorrectly and the difference between obtaining formal 8(a) Certification or not.
Below are just 15 of the 8(a) Application “Killers”. These will immediately tell you whether you have an issue that may prevent you from qualifying for 8(a) Program certification. We also offer a online 8(a) eligibility questionnaire to help determine your overall 8(a) Program eligibility.
Myth #1 – “Only Big Companies Win Contracts”
Fact – Preferential treatment is actually given to small, minority, woman, handicapped and service disabled owned business. Small businesses get awarded close to 25% of all federal contracts.
Between 1/1/2017 through 10/1/2019: 8(a) firms were awarded $34.5 billion in federal contracts. Of that amount, these 8(a) firms were awarded $14.65 billion through 8(a) competitive set-asides and $19.87 billion through sole-source contracts. Hubzone firms were awarded $2.75 billion through set-asides and $161.15 million through sole-source contracts..
The Executive Summary is the most important section of your 8(a) Business Plan. It provides a concise overview of the entire plan along with a history of your company. This section describes the fundamental elements of your business, as well as what business you are in, why you are in it, and what you hope to accomplish.
Hiring a reputable consultant to assist in the preparation of your 8(a), Hubzone or VetBiz Application can be very important. Here’s a recent fact: Most self prepared 8(a) Applications are rejected outright or sent back multiple times for deficiencies or inconsistencies. In fact “Only 2 out every 10 self prepared 8(a) Applications are approved by the SBA“.
Each newly certified SBA 8(a) Participant must develop a comprehensive 8(a) business plan (Form 1010c) setting forth its business targets, objectives, and goals.
Typically your 8(a) Business Plan must be submitted within 30 days from the date of its 8(a) program admission. Your 8(a) firm will not be eligible for 8(a) program benefits, including 8(a) contracts, until its 8(a) business plan is approved.
Failure to provide an 8(a) Business Plan in a timely manner and receive approval can result in early termination by the SBA.
