FAIR Vets Act

HR 6648, the FAIR Vets Act, increases the dollar thresholds for sole-source federal contracts awarded to service-disabled veteran-owned small businesses. It raises the limit from $7 million to $10 million for certain contracts and from $3 million to $8 million for others under the Small Business Act. This change directly affects service-disabled veteran-owned small businesses by allowing them to secure more contracts without competitive bidding. The bill requires federal agencies to update their regulations within 180 days of enactment, with the changes applying to solicitations issued 180 days after that.