118 S2206 IS: Expanding the Surety Bond Program Act U.S. Senate 2023-06-22 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

II118th CONGRESS1st SessionS. 2206IN THE SENATE OF THE UNITED STATESJune 22, 2023Mr. Cardin introduced the following bill; which was read twice and referred to the Committee on Small Business and EntrepreneurshipA BILLTo 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,.