SBA Adopts XBRL for Surety Bond Guarantee Programs for Small Businesses
August 24, 2022
Administrator Isabella Guzman who leads the Small Business Administration (SBA), announced changes to streamline the process for small businesses to submit Work-in-Process information used in the SBA Surety Bond Guarantee program by leveraging machine-readable data standards (XBRL). The SBA Surety Bond Guarantee program backs surety bonds for small businesses wishing to submit qualified bids in partnership with surety companies and their agents, allowing them to offer bonds and bonding capacity to small businesses that might not qualify otherwise.
The new process implemented by the SBA allows the agency to consume XBRL-formatted Work-in-Process reports generated by an application that leverages XBRL-CSV. Bond agents, sureties, and contractors can efficiently prepare and update facts in a spreadsheet application and submit the reports directly to the SBA. The program, which is voluntary for bond agents, sureties and contractors who submit WIP reports, can be used instead of today’s time-intensive process which requires manual data entry of contract price, cost to complete, billings and dates for multiple projects, into an online form.
To find out more details please visit : https://xbrl.us/