Prompt Payment Interest Rate - January 2011 Update
INDUSTRY NEWS TAGS: CMS
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.