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NEWS BYTES
February 2001

Editor: Scott Gottlieb, CPA
Assistant editor: Susan A. Maffetone, CPA

Surety Bond Maximum increased to aid small contractors

The U.S. Small Business Administration announced February 16th that they have has increased the maximum size of the surety bonds it can guarantee for small businesses.

Statutory changes to SBA’s Surety Bond Guarantee Program now allow guarantees on bonds up to a maximum of $2 million, up from $1.25 million, for small and emerging contractors who cannot obtain surety bonds through regular commercial channels..

Changes to the Surety Bond Guarantee Program were signed into law on December 21, 2000.

SBA guarantees from 70 percent to 90 percent of losses incurred by surety companies in the event of a contractor’s default on contracts not exceeding $2 million.

Visit the U.S. Small Business Administration website for more information.

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