To require certification of small business concerns as small business concerns owned and controlled by service-disabled veterans in order to be counted toward goals for contract awards, and for other purposes.
About This Bill
Committee
Latest Action · November 15, 2023
Committee on Small Business and Entrepreneurship. Hearings held.
This bill eliminates the ability of small businesses to simply declare themselves as service-disabled veteran-owned without independent verification. Currently, some small businesses can self-certify as veteran-owned to qualify for federal contract preferences and diversity goals, but this legislation requires the Small Business Administration to certify these companies instead. The bill gives existing self-certified businesses one year from enactment to apply for official SBA certification or lose their veteran-owned status. The SBA must create regulations within 180 days to implement the new certification process, with the requirement taking full effect the following October. The change aims to prevent fraud and ensure that federal contracting preferences genuinely benefit service-disabled veterans rather than companies falsely claiming that status.
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