BILLING NEWS

Prompt Payment Interest Rate - January 2011 Update

The Treasury Department announced the new Prompt Payment Interest Rate is 2.625 percent effective January 1, 2011. CPT Interest Rate is updated January 1 and July 1 each year. The Prompt Payment rule ensures that federal agencies pay vendors in a timely manner. Prompt Payment assesses late interest penalties against agencies that pay vendors after a payment due date.

INDUSTRY NEWS TAGS: CMS


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