This legislation requires the Administrator of the Small Business Administration (SBA) to implement recommendations from a Government Accountability Office (GAO) report concerning information technology modernization. Specifically, the bill mandates addressing risks identified in the report, "IT MODERNIZATION: SBA Urgently Needs to Address Risks on Newly Deployed System." Within 180 days of the Act's enactment, the SBA Administrator, through the Chief Information Officer, must submit an implementation plan to congressional committees. This plan will detail actions to establish and implement policies and procedures for governing the Administration's IT modernization projects. These policies must include robust risk management practices, such as explicitly stating risk sources, defining parameters, and establishing strategies across all project phases. The plan must also ensure that IT acquisition and strategic plans incorporate information needed to manage cyber risks. Furthermore, it requires the development of master schedules and cost estimates using established GAO guidelines, with a briefing on the plan provided to relevant congressional committees within 30 days of its submission.