Safeguarding Military Bonuses Act This bill requires the military departments to grant to certain members of the Armed Forces (i.e., those who were involuntarily separated based on the refusal to receive a COVID-19 vaccination) an exception to the requirement that they must repay a bonus, incentive pay, or similar benefit that is contingent on the member's satisfaction of certain service or eligibility requirements. Specifically, this exception applies for such members if the bonus, incentive pay, or similar benefit was made before August 24, 2021.