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Senate Committee on Small Business and EntrepreneurshipIntroducedJune 7th, 2010
- senate Committees
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Section 8(a) Improvements Act of 2010
A bill to improve the program under section 8(a) of the Small Business Act and to establish a surety bond pilot program.
Section 8(a) Improvements Act of 2010 - Directs the Administrator of the Small Business Administration (SBA) to: (1) assign each North American Industry Classification System industry code to a category of either manufacturing, construction, professional services, or general services; and (2) for each category, establish a maximum net worth for the socially disadvantaged individuals who own or control small businesses in that category, for purposes of participation in a program for the award of federal procurement subcontracts to socially and economically disadvantaged small businesses (program). Requires an annual inflationary adjustment to the average income and maximum net worth limits of owners of such businesses, as well as a temporary adjustment within the first 30 days after the enactment of this Act. Establishes a transition period of three years after a small business has graduated from the 8(a) program, during which period such business may receive developmental assistance through the SBA. Requires the Comptroller General and the Administrator to each evaluate the program and report evaluation results to the congressional small business committees. Directs the Administrator to establish a surety bond pilot program under which the Administrator may guarantee any surety against loss resulting from a breach of the terms of a bid bond, payment bond, performance bond, or bonds ancillary thereto by a participating eligible small business. Allows the Administrator, under the pilot program, to pay a surety up to 90% of the loss incurred. Requires the Administrator to provide, for up to three years, technical assistance and educational training to a small business participating in the pilot program. Establishes a pilot program advisory board and a Small Business Surety Bond Pilot Program Fund.