By: Kelly Lynch
On June 28, 2013, the Department of the Treasury issued the new prompt payment interest rate at 1.75 percent for the period from July 1 to December 31, 2013. This rate increased from 1.375 percent, the rate effective from January 1 to June 30,2013.
The prompt payment interest rate is a penalty applied to federal agencies that fail to pay for purchased goods or services by the required payment date.
See http://www.fms.treas.gov/prompt/rates.html for historical prompt payment interest rates.