A bill to provide for payment of losses by the Small Business Administration directly to the obligee of a bid bond, performance bond, or payment bond in the event of insolvency or bankruptcy of the surety company.

[AI summary unavailable — showing source text] Amends the Small Business Investment Act of 1958 to direct the Small Business Administration to pay the obligee of a bid bond, performance bond, or payment bond whatever sum would have been payable to the surety under the Administration's surety bond guarantee program in the event of the insolvency or bankruptcy of the surety company.…