The bill would require the SBA to update regulations for certifying women-owned small businesses to ensure that they meet the size requirements to qualify as a small business. Under current law, the ownership of a WOSB must be at least 51 percent women, meet the size requirements for small businesses, and be recertified every three years to remain eligible for certain contracting preferences. However, regulations promulgated by the SBA in 2020 do not require applicants to submit information necessary to determine the size of the business.
Based on the costs of similar activities, CBO estimates that implementing the bill would cost less than $500,000.
