This bill changes the Small Business Act definition of a small business concern owned and controlled by service-disabled veterans. It says that if a service-disabled veteran who owned a qualifying small business dies, and a surviving child of that veteran acquires the veteran's ownership interest, the business can continue to be treated as owned and controlled by service-disabled veterans for a limited time. The business must have been listed in the Small Business Administration database described in section 36 immediately before the veteran's death and during the time period that follows. The allowed time period starts on the date of the veteran's death and ends when the surviving child gives up the ownership interest or three years after the veteran's death, whichever comes first. The bill also adds a definition: "surviving child" means a biological or legally adopted child of a service-disabled veteran.
If you are a surviving child who acquires a deceased service-disabled veteran's ownership interest, this change can let the business keep its service-disabled veteran-owned classification for up to three years after the veteran's death, provided the business was in the SBA database right before the death and during that time. If you are another owner or a buyer, this change affects whether the business keeps that veteran-owned designation during the described period.
No publicly available information on costs or budget effects is included in the bill text or provided metadata.
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