Section 1 Short title
This Act may be cited as the “Expanding the Surety Bond Program Act”.
Expanding the Surety Bond Program Act
A BILL
To increase the guarantee amount under the Surety Bond Program of the Small Business Administration, and for other purposes.
Sec. 2 Expanding surety bond program
Part B of title IV of the Small Business Investment Act of 1958 (15 U.S.C. 694a et seq.) is amended—
in section 411 (15 U.S.C. 694b)—
in subsection (a)(1)—
in subparagraph (A), by striking “$6,500,000” and inserting “$10,000,000”;
by amending subparagraph (B) to read as follows:
“(B) The Administrator may guarantee a surety under subparagraph (A) for a total work order or contract in an amount that does not exceed $20,000,000.”
in subsection (e)(2), by striking “$6,500,000” and inserting “the amount described in subparagraph (A) or (B) of subsection (a)(1), as applicable”; and
in section 412(a) (15 U.S.C. 694c(a)), in the third sentence, by striking “, excluding administrative expenses,”.