President Obama announced Friday that he will renew the QuickPay initative, requiring federal agencies to expedite payments to small business contractors. He also will launch SupplierPay, bringing together 26 large and small companies. SupplierPay builds on the success of QuickPay, and requires committed companies to pay small suppliers faster. It also asks them to support those suppliers’ access to low-cost capital.
President Obama is renewing and expanding a policy that will let the government pay its contractors faster. Contractors will get to pay their subcontractors faster, too. The White House says QuickPay has generated more than a billion dollars for small businesses, freeing up their capital to invest and hire employees. For how this is playing out at the ground level, Tom Temin and Emily Kopp spoke with Necole Parker, principal and CEO of the Elocen Group, on the Federal Drive. She described how QuickPay has benefited her company.