The federal government’s fiscal year starts every October 1st. All federal agencies tend to submit their budget requests to the Office of Management and Budget up to 18 months before September 30 so that Congress can pass the bill and have the President sign it. But this process sometimes takes longer and doesn’t always get passed before the fiscal year starts.
For FY 2023, the Office of the President published its budget request with $1.582 trillion in discretionary funding. Other federal agencies also published theirs. But as of this writing, there are no signed appropriation bills yet. So far, there are 27 legislations on appropriations that have been introduced. 6 of these were passed by the House as part of the six-bill minibus on July 20, 2022.
Must-Watch Fundings Per Federal Department
Here are some of the must-watch fundings per federal department so you can be aware of any potential upcoming opportunities.
How To Prepare Your Business
Doing business with the government is an easy way to expand your business reach. Procurement by federal agencies has even more opportunities for small businesses. Qualified small and minority businesses, as stated by the Small Business Administration, can bid on set aside contracts. This levels the playing field for SMEs in the federal purchasing process. If you are new to federal contracting, you can read our step-by-step guide on how to set up your business to have all the requirements for federal contracting.
To better take advantage of these opportunities, registering to a bidding platform can put you on top of the game. Registered suppliers on Bidnet Direct can receive matching solicitation notifications in real-time so they won’t miss any opportunities for their business. You can learn more about our vendor solutions.
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