The FAIR Vets Act increases the dollar thresholds that allow the federal government to award contracts directly to service-disabled veteran-owned small businesses without competitive bidding. Specifically, it raises the limit for most federal contracts from $7 million to $10 million and increases the threshold for Department of Defense contracts from $3 million to $8 million. Service-disabled veteran-owned small businesses are companies at least 51 percent owned by veterans with service-connected disabilities. The bill requires federal acquisition agencies to update their regulations within 180 days of enactment to implement these changes, which will take effect for new contract solicitations issued at least 180 days after the law passes. The legislation is designed to make it easier for veteran-owned businesses to compete for and win federal contracts by allowing sole-source awards at higher dollar amounts.
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