Small Business Procurement Expansion and Simplification Act - Title I: Small Business Procurement Expansion - Amends the Small Business Act to direct each department or agency of the Federal government to establish goals for the participation of small business concerns in procurement contracts involving values of $10,000 or more.

States that procurement contracts which involve $10,000 or less shall be reserved exclusively for small business concerns unless the contracting officer is unable to obtain offers from two or more small business concerns that are competitive in terms of price, quality, and delivery of the goods or services being purchased.

Encourages the use of small business subcontractors in negotiated procurement contracts.

Title II: Small Business Procurement Simplification - Authorizes and directs the Administrator of the Office of Federal Procurement Policy to promulgate a single simplified uniform Federal regulation implementing the policies and procedures in this Act.

Simplifies Government contracting procedures with respect to small business.

Establishes Government contract arbitration panels within the Small Business Administration to facilitate the resolution of disputes between any small business concern and any Federal agency having procurement authority.