Small Business Federal Contractor Safeguard Act

Replaces definitions of "bundled contracts" and "bundling of contract requirements" with definitions of "consolidated contract" and "multiple award contract."

Prohibits a Federal contracting agency from executing a procurement strategy that includes a consolidated contract valued at more than $2 million unless such strategy: (1) identifies benefits anticipated from consolidation and alternative contracting approaches that would involve a lesser degree of consolidation; and (2) includes a determination that the consolidation is necessary and the benefits justify its use. Provides that a procurement strategy that includes a consolidation valued at more than $5 million shall also: (1) be supported by market research demonstrating that such contract will result in cost savings, quality improvements, reduction in acquisition cycle times, or better terms and conditions; (2) include an assessment of impediments to participation by small businesses as prime contractors that result from such consolidation; (3) specify actions designed to maximize small business participation as subcontractors; and (4) not be justified by savings in administrative or personnel costs unless such savings are substantial in relation to the total cost of the procurement.

Allows a small business, if an agency head solicits offers for a consolidated contract, to submit an offer that provides for the use of a particular team of subcontractors. Requires equal evaluation of such an offer.