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The CONTRACTS Act of 2024 makes improvements to federal contracting practices for disadvantaged small businesses. It establishes databases tracking contract awards to disadvantaged small businesses, requires outreach and recruitment efforts to expand their participation, modifies the 8(a) program eligibility rules, and creates a federal task force to coordinate efforts. The bill also imposes new requirements on federal contractors regarding prompt payment to subcontractors, diversity reporting, and subcontracting plan modifications to enhance opportunities for socially and economically disadvantaged business owners.
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