President Obama tells companies to pay suppliers faster


A new initiative was launched on Friday, July 11 by the Obama Administration to ensure that small businesses get paid more quickly, and several dozen large companies have signed on. The new program called SupplierPay is a "private sector" counterpart of the government's QuickPay program launched in 2011 that pays small business contractors before larger ones. Under QuickPay, the federal government is required to pay small contractors quickly - within two weeks.

In a statement from the White House, SupplierPay will "strengthen small businesses by increasing their working capital, so they can grow their business and hire more workers." Some of the companies that have agreed to this program include J&J, Cardinal Health, IBM, Honda, Apple, and Coca-Cola.

This sounds like a good plan but I'm still trying to find out if GM has signed on to this program, or Ford or Fiat Chrysler. And I'm researching the criteria for qualifying as a "small business." Obviously, there are likely some guidelines to qualify under this program.
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