Reporting and Recordkeeping Requirements Under OMB Review
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
The Small Business Administration (SBA) is updating forms and regulations to streamline the Surety Bond Guarantee program, which helps small contractors gain access to bonding. This change introduces new forms and modifies existing ones to clarify requirements and improve program efficiency. Small businesses and surety bond companies will need to adapt to these new procedures.
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Key Changes
- Introduction of SBA Forms 900 and 901 for better program clarity
- Streamlined application process for surety bonds
- Updated forms reflect changes in SBA regulations
Obligations
What this law requires
Submit comments on proposed information collection by May 13, 2026 to www.reginfo.gov/public/do/PRAMain
Surety bond companies and surety bond agencies must complete and sign SBA Form 900 (Prior Approval Surety Bond Surety Participation Agreement) or SBA Form 901 (Preferred Surety Bond Surety Participation Agreement) to participate in SBA's Surety Bond Guarantee program
Applicants for Quick Bond applications must disclose on SBA Form 990, Part II whether the application project includes hazardous materials, asbestos, or timber sales over SBA's allowed amount
Applicants must provide country information in SBA Form 994 address fields (21, 34, 47) and Part III field 10 to comply with citizenship eligibility requirements and Executive Order 14159
Individual owners of applicant businesses must complete demographic information on SBA Form 994 fields 26, 39, and 52 in compliance with OMB's Statistical Policy Directive 15