The Late Payment Stat Most Contractors Accept as Normal
The federal Prompt Payment Act requires federal agencies to pay contractors within **30 days** of receiving an approved invoice. After that, interest accrues automatically.
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The construction industry, explained.
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Did you knowThe U.S. federal government spends over $200 billion a year on construction — and 25% of that is set-aside for qualifying businesses.Did you knowThe Prompt Payment Act requires federal agencies to pay contractors within 30 days. Interest accrues automatically after that.Did you knowEvery state issues its own DBE certification. Some honor reciprocity. Most don't.Did you knowSection 3 has been federal law since 1968. Most people who qualify have never heard of it.Did you knowInvoice factoring doesn't appear on a credit report. It's not a loan.Did you knowThe SBA runs a bond guarantee program for contractors who can't get bonded conventionally. Most applicants never apply.
Did you knowThe U.S. federal government spends over $200 billion a year on construction — and 25% of that is set-aside for qualifying businesses.Did you knowThe Prompt Payment Act requires federal agencies to pay contractors within 30 days. Interest accrues automatically after that.Did you knowEvery state issues its own DBE certification. Some honor reciprocity. Most don't.Did you knowSection 3 has been federal law since 1968. Most people who qualify have never heard of it.Did you knowInvoice factoring doesn't appear on a credit report. It's not a loan.Did you knowThe SBA runs a bond guarantee program for contractors who can't get bonded conventionally. Most applicants never apply.
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