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Congressional Daily Record
This section captures a floor statement or debate entry. It mentions legislation such as Expanding the Surety Bond Program Act of 2025, committees such as Committee on Small Business and Entrepreneurship, members such as Edward John Markey.
Issued
April 29, 2026
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Download official Senate Record PDFReturn to issue contextThe Senate proceeded to consider the bill (S. 2232) to expand the surety bond program under the Small Business Investment Act of 1958, and for other purposes, which had been reported from the Committee on Small Business and Entrepreneurship with an amendment to strike all after the enacting clause and insert the part printed in italic, as follows:
SECTION 1. SHORT TITLE.
This Act may be cited as the “Expanding the Surety Bond
Program Act of 2025”.
SEC. 2. 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)—
(I) by striking “$6,500,000” and inserting
“$18,000,000”; and
(II) by inserting “, subject to the exception in
subparagraph (B)” after “United States Code”; and
(ii) by striking subparagraph (B) and inserting the
following:
“(B) (i) In any fiscal year in which the Administrator
submits a formal request, including budget justification
documents submitted by the Administrator to Congress, for
supplemental funds under section 412(d), the amount described
in subparagraph (A) shall be reduced by 33 percent.
“(ii) The limit described in clause (i) shall apply until
the first of either—
“(I) 12 months after the date on which the Administrator
submits the formal request described in that clause; or
“(II) 150 days after the date on which—
“(aa) the requested funds are provided, and the
Administrator attests that the fee collection activities of
the Administration are sufficient to maintain a deficit-
neutral revolving fund; or
“(bb) the Administrator notifies Congress that funds are
no longer required and attests that the fee collection
activities of the Administration are sufficient to maintain a
deficit-neutral revolving fund.
“(iii) After the expiration of the period described in
clause (ii), the limit described in clause (i) shall revert
to the amount designated in subparagraph (A).”; 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)(i) of subsection (a)(1), as applicable;”; and
(iii) in paragraph (3), by striking “, or” and inserting
“; or”;
(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);
(C) by inserting after subsection (a) the following:
“(b) Not more than 2 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, outreach
activities, and relevant contracts.”; and
(D) by adding at the end the following:
“(d) If the Administrator notifies any committee of the
Senate or the House of Representatives that supplemental
funding is necessary to carry out the Surety Bond Program
authorized under section 411(a)(3), the Administrator shall,
on the same date, notify in writing the Committee on Small
Business and Entrepreneurship of the Senate and the Committee
on Small Business of the House of Representatives regarding
the need for the supplemental funds.”; and
(3) by adding at the end the following:
“SEC. 413. REPORT.
“(a) Small Business Administration.—Not later than 90
days after the first day of each fiscal year, the
Administrator shall submit to the Committee on Small Business
and Entrepreneurship of the Senate and the Committee on Small
Business of the House of Representatives a report covering
the period of the previous fiscal year describing the status
and activities carried out under this part and the financial
health of the revolving fund created under section 412(a),
which shall include—
“(1) with respect to guarantees under this part—
“(A) the total dollar value in the aggregate among all
sureties;
“(B) the total dollar value issued by sureties
participating in the Prior Approval Program;
“(C) the total dollar value issued by sureties
participating in the Preferred Surety Bond Guarantee Program
authorized under section 411(a)(3);
“(D) the average bond size; and
“(E) the number of issued bonds that exceed the limits
established under subparagraphs (A) and (B) of section
411(a)(1);
“(2) with respect to claims paid—
“(A) the total dollar value of claims paid in the
aggregate;
“(B) the total dollar value of claims originating from
bonds issued by sureties participating in the Prior Approval
Program and the number of such claims; and
“(C) the total dollar value of claims originating from
bonds issued by sureties participating in the Preferred
Surety Bond Guarantee Program authorized under section
411(a)(3) and the number of such claims.
“(3) information on the solvency of the revolving fund,
including—
“(A) the revolving fund balance at the end of the
reporting period;
“(B) net cash flow;
“(C) administrative expenses incurred; and
“(D) the revolving fund balance at the end of the
reporting period, adjusted for administrative expenses under
subparagraph (C);
“(4) the number of sureties participating in the Prior
Approval Program;
“(5) the number of sureties participating in the Preferred
Surety Bond Guarantee Program authorized under section
411(a)(3); and
“(6) information on administrative expenses, including—
“(A) a description of administrative expenses claimed from
the revolving fund under section 412(b) as of the end of the
reporting period; and
“(B) the total cost of administrative expenses claimed.
“(b) Government Accountability Office.—Not later than 270
days after the date of enactment of the Expanding the Surety
Bond Program Act of 2025, the Comptroller General of the
United States shall submit to the Committee on Small Business
and Entrepreneurship of the Senate and the Committee on Small
Business of the House of Representatives a report on the
current processes of the Small Business Administration for
approving applicants to the Surety
Bond Program, including recommendations for improving program
efficiency and simplifying paperwork requirements.”.
The bill (S. 2232), as amended, was ordered to be engrossed for a third reading, was read the third time, and passed.
The PRESIDING OFFICER. The Senator from Massachusetts.
Mr. MARKEY. Mr. President, I want to thank the Chair for working with me to pass these two bills that were reported favorably out of our committee: Chair Ernst's SBA Fraud Enforcement Act and my Expanding the Surety Bond Program Act.
COVID-era programs and incorporates my amendment to ensure that enforcement by the Department of Justice is carried out in a nonpartisan manner.
the contracting process, but every builder, every supplier, every producer in Massachusetts and across the country understands that without them, significant contracts cannot move forward.
than $13 billion in revenues—including $165 million in Massachusetts. My bill actually expands this program by raising the limit on SBA- backed surety bonds to $18 million on all contracts, and it also includes provisions that Chair Ernst added to mitigate risks to the program.
bills through to passage, and I thank the Chamber for unanimously accepting our recommendations.
The PRESIDING OFFICER. The Senator from Iowa.
Ms. ERNST. Mr. President, I also would like to thank Ranking Member Markey for his great collaboration on these bills. It is another example of truly bipartisan work and collaboration to get these bills done, to get them off the floor of the Senate and on their way.
stolen by fraudsters. Now the investigators have been given the time they need to track down the thieves who stole taxpayer dollars and to build strong, prosecutable cases.
Today's action also sends a clear message to fraudsters: You will be held accountable. You will not get away with your crimes.
Again, I thank the ranking member for the collaboration.
I yield the floor.
The PRESIDING OFFICER. The Senator from Iowa.