Kingdomware and its Impact on Small Business Contracting
By: John Ford , Senior Consultant, Government Contractor Services Group In a rare move, on June 16, 2016, the Supreme Court (“the Court”) issued a decision in a bid protest, Kingdomware Technologies, Inc. v. U.S., No 14-916, that can affect the way the government, particularly the Department of Veterans Affairs (“VA”), contracts with small business concerns. This case dealt with the issue of whether the Rule of Two in the Veterans Benefits, Health Care, and Information Technology Act of 2006 (“the Act”) applies to orders issued against General Services Administration’s Federal Supply Schedules (“FSS”) contracts. The Court held that it does. For. Read More.
ASU No. 2014-14 to Help Creditors with Government-Guaranteed Mortgage Loans
Issued by the Financial Accounting Standards Board, Accounting Standards Update (ASU) No. 2014-14, Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40): Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure, impacts creditors with government-guaranteed mortgage loans, counting those guaranteed by the Federal Housing Administration and the U.S. Department of Veterans Affairs. Per the ASU’s amendments, a mortgage loan is required to be derecognized and a separate other receivable be recognized upon foreclosure if the conditions below are met: The loan includes a government guarantee that is inseparable from the loan prior to foreclosure. The creditor plans to transfer the real. Read More.
Topics: Accounting Standards Update "ASU", Creditors, Debt Restructuring, Federal Housing Administration, Financial Accounting Standards Board "FASB", Foreclosure, Government-Guaranteed Mortgage Loans, U.S. Department of Veterans Affairs
Growing Call for SBA Control Over Vets First Program
A bill brought before the House of Representatives last summer may soon bring significant changes to the Vets First Program. The 2013 Improving Opportunities for Service-Disabled Veteran-Owned Small Business Act, which was introduced in July 2013 by Rep. Mike Coffman (R-CO), calls for the Small Business Administration (“SBA”) to take over control and administration of the Vets First Program from the U.S. Department of Veterans Affairs (“VA”). This transfer of control would include the responsibility for verification of service disability. Under the Vets First Program, the VA issues set-aside government contracts to eligible Veteran-Owned Small Businesses and Service-Disabled Veteran-Owned Small. Read More.