Virginia Public Procurement Act; definition of "small business," direct procurement, set-asides.

Department of Small Business and Supplier Diversity; Virginia Public Procurement Act; definition of "small business"; direct procurement; set-asides. Amends the definition of "small business," for purposes of provisions related to the Department of Small Business and Supplier Diversity and the Virginia Public Procurement Act, to mean a business that is at least 51 percent independently owned and controlled by one or more individuals, or in the case of a cooperative association, is at least 51 percent independently controlled by one or more members, who are U.S. citizens or legal resident aliens and, together with affiliates, has 50 or fewer employees or average annual gross receipts of $5 million or less averaged over the previous three years and for which the individual owners do not have a combined net worth exceeding $1.5 million. Current law defines a small business as such, but with 250 or fewer employees and average annual gross receipts of $10 million or less averaged over the previous three years, with no limit on the combined net worth of individual owners.