The Expanding the Surety Bond Program Act increases the maximum guarantee amounts offered through the Small Business Administration's Surety Bond Program, which helps small businesses obtain bonding to bid on and fulfill contracts. The bill raises the individual bond guarantee limit from $6.5 million to $10 million and increases the total work order or contract guarantee ceiling from $6.5 million to $20 million, making it easier for small contractors to access larger projects. The legislation primarily benefits small business owners and contractors who need surety bonds to compete for government and private sector contracts. No specific funding allocation or timeline is designated in the bill itself, as the changes modify existing program parameters rather than creating new appropriations. The bill was introduced in June 2023 and referred to the Senate Committee on Small Business and Entrepreneurship.
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