Accelerating Payments to Small Businesses - OMB Policy Memo M-11-32

Establishes the Executive Branch's policy regarding the acceleration by Federal agencies of their payments small business contractors. The Prompt Payment Act generally requires an agency to pay its contractors within 30 days of receipt of relevant documents, including a proper invoice for the amount due and confirmation that the goods and services have been received and accepted by the Federal Government. This memorandum outlines the Executive Branch policy that, to the full extent permitted by law, agencies shall make their payments to small business contractors as soon as practicable, with the goal of making payments within 15 days of such receipt.