Prompt Payment Interest Rate – July 2015 Update

The Treasury Department has released the new Prompt Payment Interest Rate which is 2.375% effective July 1, 2015. Claim Processing Timeliness (CPT) Interest Rate is updated on January 1 and July 1 of every year. If a vendor submits a proper and valid invoice, the agency must pay it on time. If not, the payment is late. In most cases when an agency pays a vendor late, it must pay interest. Prompt Payment determines those interest penalties.

Source: https://www.fiscal.treasury.gov/fsservices/gov/pmt/promptPayment/promptPayment_home.htm