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Small Business Contract Expansion: Increased Surety Bond Guarantee Limits to $20 Million.

This act significantly raises the maximum contract size eligible for the Small Business Administration's (SBA) Surety Bond Program. Small businesses can now compete for contracts worth up to $20 million, up from $6.5 million. This expansion aims to boost small business growth and increase their participation in larger public and private projects, potentially leading to more job creation.
Key points
The maximum contract amount eligible for an SBA surety bond guarantee increases from $6.5 million to $20 million.
The maximum guarantee amount provided by the SBA for a single contract increases from $6.5 million to $10 million.
These changes allow small businesses to bid on larger projects, fostering economic opportunity and job growth.
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Additional Information
Print number: 118_S_2206
Sponsor: Sen. Cardin, Benjamin L. [D-MD]
Process start date: 2023-06-22
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Summarized by: gemini-2.5-flash-preview-09-2025
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Expanding the Surety Bond Program Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_2206.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-06-22.

What are the main provisions?

Key points include:

  • The maximum contract amount eligible for an SBA surety bond guarantee increases from $6.5 million to $20 million.
  • The maximum guarantee amount provided by the SBA for a single contract increases from $6.5 million to $10 million.
  • These changes allow small businesses to bid on larger projects, fostering economic opportunity and job growth.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Cardin, Benjamin L. [D-MD].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

CATEGORIES

Economy