Section 1002.106 - Business and small business(a)Business has the same meaning as the term "business concern or concern" in 13 CFR 121.105 .(b)Small business definition-(1)Small business has the same meaning as the term "small business concern" in 15 U.S.C. 632(a) , as implemented in 13 CFR 121.101 through 121.107 . Notwithstanding the size standards set forth in 13 CFR 121.201 , for purposes of this subpart, a business is a small business if its gross annual revenue, as defined in § 1002.107(a)(14) , for its preceding fiscal year is $5 million or less.(2)Inflation adjustment. Every 5 years after January 1, 2025, the gross annual revenue threshold set forth in paragraph (b)(1) of this section shall adjust based on changes to the Consumer Price Index for All Urban Consumers (U.S. city average series for all items, not seasonally adjusted), as published by the United States Bureau of Labor Statistics. Any adjustment that takes effect under this paragraph shall be rounded to the nearest multiple of $500,000. If an adjustment is to take effect, it will do so on January 1 of the following calendar year.