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SBA proposes adoption of 2017 North American Industry Classification System for size standards
Kirill Abbakumov   on Thursday, April 27, 2017 at 12:00:00 am

On April 18, the Small Business Administration (SBA) announced its proposal to amend its small business size regulations to incorporate the Office of Management and Budget's (OMB) North American Industry Classification System (NAICS) revision for 2017, identified as NAICS 2017, into its table of small business size standards.

NAICS 2017 created 21 new industries by reclassifying, combining, or splitting 29 existing industries under changes made to NAICS in 2012 (NAICS 2012). SBA's proposed size standards for these 21 new industries have resulted in an increase to size standards for six NAICS 2012 industries and part of one industry, a decrease to size standards for two, a change in the size standards measure from average annual receipts to number of employees for one, and no change in size standards for twenty industries and part of one industry. SBA proposes to adopt the updated table of size standards, effective October 1, 2017.

Complete information on the relationship between NAICS 2012 and NAICS 2017 is available on the U.S. Bureau of the Census (Census Bureau) website​. Complete information on the proposed size standards and new industries can be found in the Federal Register pertaining to this announcement.

SBA welcomes public comment on this proposed rule until June 19, 2017. Submissions are accepted through the Federal Register or http://www.regulations.gov/.