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OMB Monitoring Progress of Obama’s Quick Pay Initiative

The Office of Management and Budget has been working to speed up payments between prime contractors and small-business subcontractors, Federal Computer Week reports.

OMB will be issuing two reports, one in six months and the other in a year in an effort to measure progress on accelerating prompt payments.

In conjunction, the White House has also had government agencies working to pay small-business contractors in 15 instead of 30 days, according to Federal Computer Week.

President Obama’s quick pay initiative was established in September 2011.

The move is an effort to help drive money down the contracting chain to help stabilize small firms during touch economic times, Federal Computer Week reports.

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