A bill to amend the Small Business Act and the Small Business Investment Act of 1958.

Summary

Title I: Amendments to the Small Business Investment Act of 1958 - Amends the Small Business Investment Act of 1958 to change the limitation on the amount of securities which the Small Business Administration (SBA) may purchase from various classes of small business investment companies. Authorizes small business investment companies to invest funds in certificates of deposit or savings accounts in institutions whose accounts are insured by the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corporation. Repeals certain requirements with respect to interest rates on debentures purchased by the SBA. Title II: Amendments to the Small Business Act - Amends the Small Business Act to authorize the SBA to let subcontracts or to arrange for the performance of its own government contracts to socially and economically disadvantaged small business concerns for construction work, services, and the manufacture, supply, or assembly of articles. Defines socially and economically disadvantaged small business concerns for purposes of this Act. Exempts small businesses receiving such subcontracts from performance bond requirements under specified circumstances. Requires each public contract to be performed in the United States which exceeds $10,000 in amount to include a clause requiring that small business concerns owned and controlled by socially and economically disadvantaged individuals be given the maximum practicable opportunity to participate in such contracts. Requires each offering company to submit a summary subcontracting plan with its offer. Conditions the award of a contract to an apparently successful offering company upon a determination by the procurement authority that the final subcontracting plan affords maximum practicable opportunity for participation by small businesses owned and controlled by disadvantaged individuals. Authorizes the SBA to appeal for modification of such a plan to the head of the procuring agency if determined that such standard is not met. Conditions the granting of Federal funds to be used for the procurement of articles, equipment, or construction work upon the applicant agreeing to utilize small business concerns for such procurement to the maximum extent practicable.

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Documents

1 official file

• Introduced in House

  summary · EN · 2 February 1978

  Open at official source

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