President Barack Obama has moved to accelerate payments for small business subcontractors by renewing the federal government’s QuickPay initiative.The QuickPay program has become accessible to all small businesses that hold contracts with the federal government’s prime contractors, The White House said Friday.
Federal agencies are mandated to pay small business contractors within 15 days under the QuickPay program.
The QuickPay program for small subcontractors began in 2012 and has since helped small companies save more than $1 billion for further investments and job creation.
The White House noted that the initiative has facilitated more than $220 billion in payments to contractors.
