The PROMISE for Small Businesses Act would require the Small Business Administration to conduct compliance reviews of at least 10 percent of federal contracts each year to ensure that large contractors are following their subcontracting plans and properly directing work to small businesses as required. The bill affects federal agencies and prime contractors who receive government contracts, as well as small businesses that depend on subcontracting opportunities. The legislation mandates that the SBA submit annual reports detailing contractor compliance with subcontracting requirements across all federal agencies, the number of compliance reviews conducted, and any enforcement actions taken against noncompliant contractors. The bill aims to strengthen oversight of the subcontracting process to help ensure that small businesses receive the contract opportunities they are supposed to get under existing federal law. There are no specific funding amounts or implementation timelines specified in the legislation.