The Prompt Payment Act (PPA) 5 CFR Part 1315 includes features to handle the Fast Pay and Accelerated Pay requirements stipulated by Federal legislation.A payment is due on whichever of these four conditions applies:
When the payment due date, including a discount due date, falls on a weekend or federal holiday, the payment is due on the following business day.
On-time and Late payments
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.
Early (accelerated) payments – no discount
In some cases where it is in the best interest of the government, an agency may pay more quickly than the standard time for payment (without a discount).
More about accelerated payments
Discounts for early payments
In some cases, a vendor may offer the agency discount for early payment.
Use the links below to access detailed information on
these features. The documentation includes scenarios, giving examples of how
processing in Fast Pay and Accelerated Pay takes place.
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(iRAPT was formerly known as WAWF.)