Expansion of the 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 $20,000,000; and(ii)by striking subparagraph (B) and inserting the following:

(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

(B)in subsection (e)—(i)in paragraph (1), by striking the comma at the end and inserting a semicolon;(ii)in paragraph (2), by striking $6,500,000, and inserting the amount described in subparagraph (A) or (B) of subsection (a)(1), as applicable;; and(iii)in paragraph (3), by striking , or and inserting ; or; and(2)in section 412 (15 U.S.C. 694c)—(A)in subsection (a), in the third sentence, by striking , excluding administrative expenses,;(B)by redesignating subsection (b) as subsection (c); and(C)by inserting after subsection (a) the following:

(b)Not more than 5 percent of the amount in the fund described in subsection (a) on the first day of each fiscal year may be obligated during that fiscal year to cover costs incurred by the Administration in connection with the management and administration of this part, including costs related to information technology and systems, personnel, outreach activities, and relevant contracts.