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Summary

Amends the Small Business Investment Act’s surety bond program to update numeric limits in the statutory text and to give the Small Business Administration (SBA) explicit authority to use up to 5 percent of the program’s fund balance each fiscal year for program management and administration. The change to numeric limits updates subsection references and thresholds used to determine program coverage and cross-references within the statute. These edits alter program mechanics and provide the SBA additional, statutory flexibility to use fund resources for administering the program.

Key Points

• Amends Part B of Title IV of the Small Business Investment Act governing the surety bond program.
• Updates numeric limits and related cross-references in the statutory text (changes in section 411(a)(1) and related citations).
• Authorizes the SBA to use up to 5% of the program fund balance each fiscal year for program management and administration (amendment to section 412).
• The 5% comes from the program’s fund balance rather than from new appropriations.