Business · 29/09/2022

U.S. Small Business Administration Adopts 2022 North American Industry Classification System for Size Standards

The U.S. Small Business Administration (SBA) has amended its small business size regulations to incorporate the revised North American Industry Classification System (NAICS) 2022, which created 111 new industries and updated size standards for 22 industries and 29 parts of two industries, while decreasing size standards for seven industries and 53 parts of two industries.