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News & Press: WIPP Legislative Updates

Surety Bond Guarantee Program Amended in SBA Proposed Rules

Monday, April 20, 2015  
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Policy Briefing Week of April 13

 

Surety Bond Guarantee Program Amended in SBA Proposed Rules

The Small Business Administration (SBA) proposed changes to the regulations governing the SBA’s Surety Bond Guarantee Program. The rule would make four changes:

 

  1. Clarify that a Surety must directly employ enough staff to perform and manage the underwriting and claims functions to participate in the Prior Approval and Preferred Programs;
  2. Costs incurred by the Surety's staff are ineligible for reimbursement by the SBA, but the Surety may seek reimbursement for amounts paid for claims-related specialized services provided by outside consultants;
  3. Modifies the criteria for determining when a Principal that caused a loss to the SBA is ineligible for a bond guaranteed by the SBA; and
  4. Increases the Surety's underwriting limit from at least $2 million to at least $6.5 million for admitting sureties to the Preferred Surety Bond Guarantee Program.

 Should these changes impact your business, WIPP encourages you to weigh in. A new guide for submitting comments is available on WIPP’s website. Comments are due June 15, 2015.

 

 


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