The SBA 8 A program has specific requirements for those who are a part of it. Among those requirements are the following.
Audited Financial Statement
Audited Financial Statement must provide the amount of sales including through subcontracts and non-businesses. The Financial Statements must come from a Certified Public Accountant (CPA) – you cannot do this on your own. It also requires actual receipts of over $10 million. This must be submitted 120 days after the close of the fiscal year. They must be signed and dated by the company’s owner.
Reviewed Financial Statement
For those with $2 million to $10 million, the Reviewed Financial Statement must be provided within 90 days of the close of the fiscal year from a licensed independent public account.
Financial Statement
For those under $2 million, the business owner or an authorized provider must provide Financial Statement . This information must be submitted within 90 days of the close of the company’s fiscal year.
Because of the complexity of these types of audits, it is necessary to have them completed by a licensed CPA. Doing so helps to minimize the risks that come from compliance requirements, and it also helps to alleviate the workload of the company’s owner. Because SBA 8 program requirements are so strict, having a licensed professional handle the process is essential in every business type.