This Act may be cited as the Prime Review and Oversight to Maximize Implementation of Subcontracting Expectations for Small Businesses Act or the PROMISE for Small Businesses Act.

(a) In general Section 8(d) of the Small Business Act (15 U.S.C. 637(d)U.S. Code — Title 15, Section 637(d)View official source on GovInfo) is amended by adding at the end the following new paragraph: (18) For each Federal agency, the Administrator shall evaluate not less than 10 percent of contracts entered into for a fiscal year for compliance with the subcontracting plan required for such contract under paragraph (4) or (5). The Administrator shall ensure that various types of contracts and subcontracting plans are evaluated pursuant to this paragraph.. (b) Conforming amendment Section 8(d)(11)(C) of the Small Business Act (15 U.S.C. 637(d)(11)(C)U.S. Code — Title 15, Section 637(d)(11)(C)View official source on GovInfo) is amended by inserting subject to paragraph (18), before evaluate.

Section 10 of the Small Business Act (15 U.S.C. 639U.S. Code — Title 15, Section 639View official source on GovInfo) is amended by inserting after subsection (b) the following: (c) Additional requirements The report required under subsection (a) shall include the following: (1) For each contract evaluated under section 8(d) of this Act, a description (disaggregated by Federal agency) of the extent to which the contractor for such contract complied with such plan. (2) Efforts made, including the number of compliance reviews conducted, by the Administrator to enhance understanding of noncompliance of such contractors with applicable subcontracting plans. (3) Any additional actions, including additional compliance reviews or reviews of subcontracting plans, undertaken by the Administrator with respect to such contractors..