To amend the Small Business Act to modify Govermentwide goals for certain small business concerns.

Bill 117 HR 5276, also known as the "Small Business Act Amendment," aims to make changes to the Small Business Act in order to adjust the governmentwide goals for certain small business concerns. The bill seeks to address the current goals set for small businesses in government contracting, specifically focusing on small disadvantaged businesses, women-owned small businesses, service-disabled veteran-owned small businesses, and small businesses located in HUBZones.

The proposed changes in the bill include increasing the percentage of federal contracts awarded to small disadvantaged businesses from the current goal of 5% to a higher percentage. Additionally, the bill aims to increase the percentage of contracts awarded to women-owned small businesses, service-disabled veteran-owned small businesses, and small businesses located in HUBZones.

The bill also includes provisions to improve reporting and monitoring of government contracting with small businesses, in order to ensure that these goals are being met and that small businesses are receiving their fair share of federal contracts. Overall, the Small Business Act Amendment seeks to promote and support small businesses by adjusting governmentwide goals for certain small business concerns, in order to increase opportunities for small businesses to compete for and win federal contracts.