Few terms get thrown around in the financial and political sphere as frequently and cavalierly as "small business." Small businesses are the heart of every presidential platform and championed in every major piece of economic legislation. If you work for, manage or own a smaller business in the United States, your company may be eligible for significant benefits from the government. However, the federal government is very picky about what can actually be considered a small business.

To see how your company measures up to these small business standards, check out the size standards imposed by the Small Business Administration (SBA). If your business qualifies, it's worth your time to see if you can take advantage of any breaks.

The Internal Revenue Service (IRS) has very different and far more restrictive designations for a small business. Many businesses might qualify for SBA benefits but not for small business tax credits or deductions.

Since the passing of the SBA, no federal department or agency has the right to prescribe or even recommend size standards for small business concerns except for the SBA.

Current size standards (as of July 14, 2014) are not uniform. For example, most manufacturing and mining companies must have fewer than 500 employees, while nonmanufacturing companies can have as many employees as they would like so long as they bring in less than $7.5 million in average annual receipts. Cookie and cracker companies can have 750 employees. If you make breakfast cereals, the limit is 1,000.

As the SBA website puts it, "there are a number of exceptions."

There are special rules for agriculture, for mining, for utilities, for wholesale trade, for construction, for finance and insurance, and on and on. The SBA is not particularly open about how all of its unique restrictions and exemptions are determined, but it's best to perform a search for your specific industry rather than relying on broad and generic standards.

Even though nearly 95% of businesses in the United States have fewer than 10 employees, the SBA's thresholds far exceed this number. Small businesses can be very large, especially if they qualify as an excepted institution – revenue maximums can be set as high as $35.5 million and include as many as 1,500 employees, yet still be considered small. Any company that can claim small business status is eligible for loans, handouts and other benefits.

Every fiscal year, the SBA has a set cap -- typically between $15 billion and $20 billion -- for small businesses through its main loan guarantee program. These so-called 7(a) program loans are available for entrepreneurs to start or improve small businesses.

These loans have preferential approval amounts, fees, interest rates and repayment terms. Review SBA.gov for a 7(a) loan application checklist and processing requirements.

The federal government, working through the Department of Housing and Urban Development, is required to set aside a fair proportion of its total purchases and contracts for property and services for small businesses.

There is a Small Disadvantaged Business program for businesses that are at least 51% owned and controlled by socially and economically disadvantaged people.

The federal government doesn't guarantee that a certain percentage of small businesses wins government contracts, but that a certain percentage has a fair opportunity to compete for bids with larger contractors. However, the kinds of small businesses that typically win contracts are politically connected and have hundreds of employees. The SBA designation is always a bit of a misnomer, but that's especially true when it comes to these bids.