CommerceCongressional oversightGovernment studies and investigationsGovernment lending and loan guaranteesSmall Business AdministrationAdministrative remediesSmall business
Why This Matters
This bill expands the surety bond program by increasing the maximum bond amount available to small businesses and adjusting funding rules.
If you own a small business, you can now access surety bonds up to $18 million to help secure contracts.
Who this affects
small business owners
What changes is this bill making?
1The bill raises the maximum surety bond amount from $6.5 million to $18 million for small businesses.
2It allows for a temporary reduction in the bond limit by 33% if additional funding is requested.
3The Small Business Administration must report annually on the program's financial health and activities.
4The bill includes provisions for managing administrative costs related to the surety bond program.
