Bill > S2232

This bill expands the Surety Bond Program under the Small Business Investment Act of 1958, making several key changes to support small businesses seeking surety bonds, which are financial guarantees that protect against potential losses in contract work. The bill increases the maximum bond guarantee amount from $6,500,000 to $18,000,000, with a provision that allows the Small Business Administration (SBA) to temporarily reduce this amount by 33% if they request supplemental funding. The legislation also modifies how administrative expenses can be funded, allowing up to 2% of the program's revolving fund to be used for management costs, including technology, outreach, and contracts. Additionally, the bill mandates detailed annual reporting requirements for the SBA, which must provide comprehensive information about bond guarantees, claims paid, program participation, and financial health. The Government Accountability Office is also required to submit a report within 270 days of enactment, analyzing the SBA's current processes for approving Surety Bond Program applicants and offering recommendations for improving program efficiency and reducing paperwork. These changes aim to provide more robust financial support and oversight for small businesses seeking surety bonds.

Business and Industry

https://www.congress.gov/bill/119th-congress/senate-bill/2232/all-info