Small Business and Minority Small Business Procurement Opportunities Act of 1994

Small Business and Minority Small Business Procurement Opportunities Act of 1994 - Amends the Small Business Act (the Act) to direct the Administrator of the Small Business Administration (SBA) to: (1) develop plans to coordinate and promote the use of the Federal Acquisition Computer Network by small businesses that incorporate outreach efforts by various agencies and organizations; and (2) inform and provide consistent and comprehensive training on the Network for small businesses. Requires each Federal contract for the procurement of goods and services not in excess of $100,000 to be reserved exclusively for small businesses unless the contracting officer is unable to obtain competitive offers from two or more small businesses. Requires the contracting officer to provide for fast payment terms for such small businesses whenever possible. Directs the President to annually establish Government-wide goals for procurement contracts awarded to small businesses and small businesses owned and controlled by socially and economically disadvantaged individuals (small and minority businesses). Requires the goal for small businesses to be at least 20 percent of the total value of all prime contracts awarded in a fiscal year. Requires the goal for minority businesses to be at least five percent of the total value of such prime contract and subcontract awards for each fiscal year. Requires the head of each Federal agency to establish a specific goal within such five percent goal for awarding contracts and subcontracts to historically Black colleges and universities and other minority institutions (including Hispanic-serving institutions). Outlines administrative procedures with respect to the attainment of such goals, including the provision of appropriate technical and infrastructure assistance when necessary. Authorizes the use of advance payments and less than full and open competitive procedures when determined appropriate and in furtherance of the attainment of the contract goals. Requires appropriate regulations by the SBA. Provides civil and criminal penalties for the misrepresentation of a business as a minority business. Requires an agency head, upon request, to determine whether the use of small disadvantaged business set asides by a contracting activity of such agency has caused a particular industry category to bear a disproportionate share of the contracts awarded to attain the goal established for such contracting activity. Requires appropriate corrective action upon a positive finding. Requires the SBA to annually report to the Congress on the progress of each executive agency toward attaining the small and minority business contracting goals. Makes such contracting goal provisions applicable for FY 1994 through 2000. Allows certain procurement solicitation notice requirements of the Act to be waived by the Administrator of the Office of Federal Procurement Policy after consultation with the SBA Administrator in conducting innovative and alternative procurement test programs under the Federal Acquisition Improvement Act of 1994.