Nov 19, 2024
What is Federal Government Micro Purchase Threshold: A Guide for Contractors
The Federal Government’s micro purchase threshold is $10,000, which means that authorized agencies can buy goods and services directly from contractors without having to go through a very competitive bidding process. The Micro purchase threshold is the lowest limit for Federal government purchases of commercial goods and services. Introduction to Micro Purchase Threshold Micro purchase refers to the acquisition of supplies and services with the help of simple acquisition procedures, the aggregate amount of which should not exceed the micro purchase threshold. Convenience checks will not be issued for an amount that is in excess of one-half of the micro purchase threshold under the Simplified Acquisition Procedures. There are, however, certain exceptions that are levied on the Micro Purchase Threshold of certain industries, which are as follows. Purpose of Micro Purchase Threshold The Micro Purchase Threshold is an important component in the process of Federal procurement. This is especially important for contractors and businesses that seek to collaborate and work with the Federal Government. The MPT or the micro purchase threshold refers to the maximum amount in dollars that the Federal agencies are able to spend without actually having to undergo the very elaborate and competitive bidding process and the […]
Oct 17, 2024
What is EPLS (Excluded Parties List System) and Its Role in Federal Contracting
The excluded parties list system is a database that the General Services Administration maintains. The GSA is an independent government agency established in 1949 to help manage Federal agencies. The main intention of the EPLS is to identify the suppliers and the vendors who were excluded from receiving the Federal contracts, certain contractors and some types of financial and non-financial Federal assistance. The EPLS Database The GSA maintained and updated the EPLS system until it was moved into a completely new database service called the System for Award Management. The new database combines several federal procurement systems and the catalog for Federal Domestic Assistance into one system. The federal government uses the EPLS database to identify and list the sanctioned companies and individuals that are debarred and prohibited from certain federal contracts, bid on contracts, and receive government contracts. Programs that receive Federal funds for the program should access SAM.gov to search and review the status of consultants, contractors, service providers, subcontractors, and vendors doing business with the Federal government. Distinct Features Between SAM and EPLS The General Services Administration has announced that it was migrating the data from the EPLS to the new and more comprehensive system of award […]
Sep 5, 2024
Strategies for Establishing and Maintaining Strong Personal and Business Credit History
Maintaining a positive cash flow is one of the biggest challenges of running a business. In the competitive market, maintaining a healthy business credit score is crucial for securing the finances of the business. A good business credit score makes it easy for businesses to qualify for loans and enjoy very favorable business interest rates. Red Flags in Business Credit Report Business owners should periodically monitor their business credit reports for errors and inaccuracies. Even minor mistakes in credit reports can impact a business’s rating. If there are any inaccuracies on the credit report, it should be reported to the credit bureau and rectified at the earliest. Some of the red flags to watch out for while reading the business credit report are, If the business notices any of these red flags, then it should take appropriate remedial measures to improve its credit score. Also, irrespective of the business credit score, business owners should take care of their personal credit scores as well, before granting loans. They should ensure to keep their business and personal finances separate so that it is easier to manage the cash flow of the company. Maintaining appropriate business and personal credit scores helps in improving […]