A bill to amend the Small Business Act to authorize the Administrator of the Small Business Administration to reduce the amount of performance and payment bonds in connection with contracts let to the Administration under section 8 (a) of such Act.

Permits the Administrator of the Small Business Administration to permit small businesses to receive subcontracts for the construction, alteration, and repair of any public building or public work without the condition of providing performance or payment bonds when the Administrator determines that such amount is inappropriate.