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H.R. 2499 (114th): Veterans Entrepreneurship Act of 2015


The text of the bill below is as of Jul 13, 2015 (Passed the House).

Summary of this bill

The Veterans Entrepreneurship Act would waive the upfront guarantee fee required for a Small Business Administration express loan for veterans or their spouses. Normally this fee is required from the borrower and scales increasingly with the size of the loan. The bill would remove any obligation for a veteran or their spouse to pay this fee. The bill was referred to the House Committee on Small Business, which released this press release upon the introduction of the bill in late May. The committee chairman, Rep. Steve Chabot (R-OH1), is the sponsor of the bill. It was passed in the House by an almost unanimous vote of 410-1. …


IB

114th CONGRESS

1st Session

H. R. 2499

IN THE HOUSE OF REPRESENTATIVES

AN ACT

To amend the Small Business Act to increase access to capital for veteran entrepreneurs, to help create jobs, and for other purposes.

1.

Short title

This Act may be cited as the Veterans Entrepreneurship Act of 2015.

2.

Permanent SBA express loan guarantee fee waiver for veterans

Section 7(a)(31) of the Small Business Act (15 U.S.C. 636(a)(31)) is amended by adding at the end the following:

(G)

Guarantee fee waiver for veterans

(i)

Guarantee fee waiver

The Administrator may not collect a guarantee fee described in paragraph (18) in connection with a loan made under this paragraph to a veteran or spouse of a veteran on or after October 1, 2015.

(ii)

Exception

If the President’s budget for the upcoming fiscal year, submitted to Congress pursuant to section 1105(a) of title 31, United States Code, includes a cost for the program established under this subsection that is above zero, the requirements of clause (i) shall not apply to loans made during such upcoming fiscal year.

(iii)

Definition

In this subparagraph, the term veteran or spouse of a veteran means—

(I)

a veteran, as defined in section 3(q)(4);

(II)

an individual who is eligible to participate in the Transition Assistance Program established under section 1144 of title 10, United States Code;

(III)

a member of a reserve component of the Armed Forces named in section 10101 of title 10, United States Code;

(IV)

the spouse of an individual described in subclause (I), (II), or (III); or

(V)

the surviving spouse (as defined in section 101 of title 38, United States Code) of an individual described in subclause (I), (II), or (III) who died while serving on active duty or as a result of a disability that is service-connected (as defined in such section).

.

3.

Report on accessibility and outreach to female veterans by the Small Business Administration

Not later than 180 days after the date of enactment of this Act, the Administrator shall submit to Congress a report assessing the level of outreach to and consultation with female veterans regarding access to capital by women's business centers (as described in section 29 of the Small Business Act (15 U.S.C. 656)) and Veterans Business Outreach Centers (as referred to in section 32 of such Act (15 U.S.C. 657b)).

Passed the House of Representatives July 13, 2015.

Karen L. Haas,

Clerk.