SBA Changes Rules For Oil, Gas Cos.
The U.S. Small Business Administration has changed its small business size standards in an effort to maintain the small business eligibility of heating oil and liquefied petroleum gas dealers.
The SBA has changed its rules to allow heating oil and liquefied petroleum gas dealers with 50 or fewer employees to qualify as small businesses. Until now, such companies were measured only by sales receipts. Heating oil companies were considered small if they had annual receipts of $11.5 million or less and gas companies were considered small if they had average annual receipts of $6.5 million or less.
The SBA said the higher price of oil and gas took companies that should qualify as small businesses out of compliance with the receipt-based SBA regulations.
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