Summary: S.1998 — 116th Congress (2019-2020)All Information (Except Text)

There is one summary for S.1998. Bill summaries are authored by CRS.

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Introduced in Senate (06/26/2019)

Veterans Small Business Ownership Improvements Act

This bill establishes new veteran entrepreneurial development programs within the Small Business Administration (SBA) and makes adjustments to existing programs to provide access for veterans.

Specifically, the bill authorizes the SBA to make grants to private nonprofit organizations to establish veteran's business outreach centers. Each center must provide individual counseling to small businesses, as well as training and counseling through online and in-person workshops and seminars.

The bill also provides statutory authority for the Boots to Business Program, which provides entrepreneurship training to individuals including veterans and active members of the Armed Forces. The SBA must designate an individual in each district office as a veterans business development officer, who shall coordinate activities of the district office with entities receiving assistance under the program. The SBA must also establish an online tool to coordinate and aid the work of veterans' small business assistance providers.

Finally, the SBA must develop the existing network of peer-to-peer counseling and mentoring resources that are available to veteran-owned small businesses as components of SBA programs. The SBA must also establish an online resource for veterans regarding all of the entrepreneurial development programs of the SBA.

The Government Accountability Office shall report on the ability of veteran-owned small businesses to access credit, including an analysis of the sources of credit and the default rate for such businesses.