If your business experiences a change in size during your SAM (System for Award Management) registration period, it’s essential to promptly update your SAM registration to reflect this change. Failure to do so can lead to compliance issues and may affect your eligibility for federal contracts and grants. Here’s what you should do if your business size changes:
- Log In to Your SAM Account:
- Access your SAM account using your username and password. If you don’t have an account, you will need to register as a user.
- Update Your Registration:
- Once logged in, navigate to the SAM registration section where you originally provided your business size information.
- Review and Edit Information:
- Carefully review your business size information and any related details, such as your North American Industry Classification System (NAICS) code and average annual receipts or number of employees. Determine which aspect of your size has changed.
- Make Necessary Changes:
- Edit the relevant sections of your SAM registration to accurately reflect your updated business size. This may include updating annual revenue, the number of employees, or other pertinent information.
- Provide Supporting Documentation:
- Depending on the nature of the size change, SAM may require you to provide supporting documentation. For example, if your business has grown and exceeded the size standard for a small business, you may need to submit financial statements or tax returns to validate the change.
- Submit the Changes:
- After making the necessary updates and providing any required documentation, submit the changes within the SAM system. Ensure that all information is accurate and up-to-date.
- Recertify Your Small Business Status:
- If your business is no longer eligible for small business status due to growth, you may need to recertify your size status in SAM. Follow the recertification process, which typically involves updating your size information and confirming your new status.
- Maintain Records:
- Keep records of the changes you make to your SAM registration and any supporting documentation provided. This documentation may be needed in case of audits or reviews by federal agencies.
- Monitor Eligibility for Opportunities:
- As your business size changes, be aware of how it impacts your eligibility for federal contracts and grants. Ensure that you are pursuing opportunities for which you are eligible based on your updated size status.
- Stay Informed:
- Familiarize yourself with the specific rules and regulations related to size standards in your industry and for the types of federal contracts and grants you are pursuing. Compliance with size standards is essential for maintaining eligibility.
It’s crucial to update your SAM registration as soon as possible when your business experiences a change in size. Accurate and up-to-date information is critical for federal agencies to assess your eligibility for procurement and grant opportunities. Additionally, failing to update your size information could result in compliance issues and the potential loss of opportunities.
Contact the FPR Help Desk through the following methods:
- Phone: 1-866-717-5267 (toll-free)
- Email: email@example.com
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