QuickPay Program – Signed on September 14, 2011 by President Obama, the QuickPay program for small business government contractors was implemented to help small business owners see payments from contract work in as little as 15-days. Small businesses account to nearly $100 billion in federal payments each year and were experiencing delays in payment by as long as 45 days. The QuickPay program directed government agencies to pay their prime contractors within 15 days of receipt of relevant documents.
The QuickPay program applies only to officially designated small business contractors and not to large corporations that have contracts with the government. The program was also only slated for 12 months as a temporary, transitional policy to help ease tight economic markets.