To amend the Small Business Act to include surviving children in the definition of small business concern owned and controlled by service-disabled veterans, and for other purposes.
About This Bill
Committee
Latest Action · October 4, 2024
Referred to the House Committee on Small Business.
This bill amends the Small Business Act to expand benefits for families of deceased service-disabled veterans. Currently, businesses owned and controlled by service-disabled veterans receive special federal contracting and support benefits, but these benefits are lost when the veteran dies. The legislation allows a surviving child who inherits a parent's ownership stake in such a business to maintain the veteran-owned small business designation for up to three years after the veteran's death, as long as the child holds the ownership interest. This gives surviving children time to either continue operating the business under the veteran-owned classification or prepare to transfer it. The bill defines a surviving child as a biological or legally adopted child of a service-disabled veteran. The legislation does not include new federal funding allocations.
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