Expanding the Surety Bond Program Act

Bill: 118-s-2206
Sponsor: full_name: Sen. Cardin, Benjamin L. [D-MD]
Introduced: 2023-06-22
Policy area: Commerce
Latest action: action_date: 2023-06-22
text: Read twice and referred to the Committee on Small Business and Entrepreneurship.

Summaries:

tv_txt: II 118th CONGRESS 1st Session S. 2206 IN THE SENATE OF THE UNITED STATES June 22, 2023 Mr. Cardin introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship A BILL To increase the guarantee amount under the Surety Bond Program of the Small Business Administration, and for other purposes.

1. Short title This Act may be cited as the Expanding the Surety Bond Program Act . 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— (1) in section 411 ( 15 U.S.C. 694b )— (A) in subsection (a)(1)— (i) in subparagraph (A), by striking $6,500,000 and inserting $10,000,000 ; (ii) 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. ; and (iii) 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 (2) in section 412(a) ( 15 U.S.C. 694c(a) ), in the third sentence, by striking , excluding administrative expenses, .