Late Payments Get 4.625% Interest: Government's Thank-You Rate
Published Date: 2/25/2025
Notice
Summary
Starting January 1, 2025, through June 30, 2025, the interest rate for late government payments is set at 4.625% per year. This means if the government pays contractors late, they owe this extra money. Contractors and agencies should note this rate to keep payments fair and on time!
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
4.625% Interest for Late Payments
If you are a contractor paid by the federal government, then for payments late between January 1, 2025 and June 30, 2025 the government owes interest at 4.625% per year (4 5/8% per annum). This rate applies to late government payments under the prompt payment rules during that period.
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