The SBA is in the process of changing the WOSB regulations to do away with self-certification. This presentation will explain how this change has been a long time coming, how the SBA’s new certification process works, and how the change impacts third-party certification and recertification.
- First, we’ll delve into the history of the SBA’s WOSB program and the controversial “self-certification” process.
- After discussing the backdrop for the SBA’s changing WOSB certification requirements, we’ll focus on eligibility for certification under the new rules. We will walk through the eligibility standards for both WOSB and EDWOSB applicants and explain how these eligibility requirements are applied in practice.
- Next, we’ll delve into the two methods for certification under the proposed regulations: certification by the SBA and certification by approved third-party certifiers.
- With respect to certification by the SBA, we will outline the information applicants must provide to the SBA and the SBA application review process.
- We’ll then explain third-party certification, providing an overview of the SBA’s third-party certifier approval process and the application approval process of each of the four current third-party certifiers.
- We’ll cover the timeline for the self-certification phase-out, which will be concluded on October 15, 2020.
- We’ll also compare the new and the old certification methods and highlight the impact of new rules on existing practices.
- Further, we’ll discuss the pros and cons associated with the SBA and third-party certification methods to help potential applicants make the right choice.
- Finally, we’ll cover how businesses can maintain WOSB status under the updated regulations. We’ll discuss mandatory recertification, as well as reasons a certification may be challenged at other times. We will also talk about decertification and its effect on a business’ ability to participate in the WOSB program following decertification.
Target Audience: Woman-owned small businesses pursuing federal market opportunities