Virginia Public Procurement Act; definition of "small business", direct procurement, set-asides.

Summary

The bill revises the definition of a "small business" for state procurement, adding employee, revenue and owner‑net‑worth limits. It also permits any state or local public body to bypass competitive bidding for contracts under $200,000 when the award goes to a qualified small, women‑owned, minority‑owned, service‑disabled‑veteran‑owned or military‑family‑owned business, and requires purchases up to $100,000 that are not directly awarded to be set aside for small businesses. The changes aim to give truly small firms greater access to government contracts.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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