Definitions.

(a) [Reserved] (b) Small and very small business. (1) A small business is an entity that, together with its affiliates and controlling interests, has average annual gross revenues that are not more than $40 million for the preceding three years. (2) A very small business is an entity that, together with its affiliates and controlling interests, has average annual gross revenues that are not more than $15 million for the preceding three years. [67 FR 45373, July 9, 2002, as amended at 68 FR 43000, July 21, 2003; 90 FR 57705, Dec. 12, 2025]