FAIR Vets Act

This legislation aims to modernize sole-source contracting opportunities for service-disabled veteran-owned small business concerns (SDVOSBs) by amending the Small Business Act. The bill significantly increases the maximum value for sole-source contracts awarded to these businesses, thereby expanding their access to federal procurement. Specifically, the sole-source contract threshold for manufacturing contracts is raised from $7,000,000 to $10,000,000, and for all other contracts , it increases from $3,000,000 to $8,000,000, while also removing the inclusion of options in the calculation. Federal agencies, including the Federal Acquisition Regulatory Council and the Secretary of Defense, are mandated to update their acquisition regulations within 180 days of the Act's enactment to implement these new thresholds, which will apply to solicitations issued thereafter.