That's because its amendments include a provision imposing stricter requirements on individual sureties looking to bond federal construction contracts, while another increases the guarantee provided through the Small Business Administration's Surety Bond Guarantee Preferred Program
Small Business Administration Office of Surety Guarantees (OSG) is hosting a Surety Industry Town Hall on Wednesday, April 3 from 2:00 p.m. to 3:00 p.m
Included in the final conference report were two provisions of importance to the surety industry-one addressing individual sureties and the second that increases the guarantee to sureties who participate in the SBA Surety Bond Guarantee Program from 70% to 90%. Please review the attached article, which indicates that the House will vote on a new version of the bill and the only change will be a $5 billion spending cut
A new presentation created by the SBA has recently been added to SuretyLearn.org to educate small and emerging contractors on the U.S. Small Business Administration Surety Bond Guarantee Program for Small Businesses. This PowerPoint presentation describes the basics of surety bonds and how a construction company can obtain a bond by participating in the U.S. SBA Surety Bond Guarantee Program. The presentation addresses the bonding process and the characteristics of firms that qualify to participate in the SBA Program, the SBA Program’s bond application process including the QuickApp system, and the SBA fees i.e. the contractor’s bond costs that can be paid electronically through the Pay.Gov system
NASBP has visited Senator Hirono’s office on several occasions, making similar requests, as she serves on the Senate Armed Services Committee...House of Representatives’ Committee on Small Business On February 9, the U.S
On June 26, 2014, Senator Cardin of Maryland submitted an amendment to the Senate version of the NDAA to increase the Bond Guarantee Program percentage from 70% to 90%...Last Congress, NASBP worked with Senator Cardin on this and similar matters
As most of you know the enhancements made to the SBA Surety Bond Guarantee Program that were included in the economic stimulus package such as increasing the contract size guaranteed by the SBA up to $5 million are set to expire on September 30
H.R. 838 includes the individual surety provision and increases the guarantee to sureties who participate in the SBA Surety Bond Guarantee Program from 70% to 90%