Summary: H.R.3423 — 97th Congress (1981-1982)All Information (Except Text)

Bill summaries are authored by CRS.

Shown Here:
Passed House amended (06/02/1981)

(Measure passed House, amended, roll call #58 (352-41))

Veterans' Training and Business Loan Act of 1981 - Title I: Vocational Training - Authorizes, without delimiting period, educational assistance for Vietnam-era veterans determined to be in need of vocational training.

Title II: Small Business Loans - Veterans' Business Loan Act of 1981 - Permits the Administrator of Veterans' Affairs to provide financial assistance to a small business concern which is at least 51 percent owned by veterans of the Vietnam era or disabled veterans. Authorizes such assistance, in the form of loan guaranties or direct loans, for financing plant construction or expansion, the acquisition of equipment or supplies, or supplying the concern with working capital. Sets forth restrictions and the liability of the Administrator in the provision of such assistance.

Requires each individual with an ownership interest in such a veterans' small business concern to execute a document evidencing the loan and makes such individual jointly and severally liable to the Administrator for any amount paid by the Administrator on such loan. Requires the approval of the Administrator before the closing of the loan. Limits the terms of such loans to ten years, except for construction and other related loans. Grants special consideration to disabled veterans.

Establishes in the Treasury the Veterans' Administration Business Loan Revolving Fund. Directs the Administrator to transfer any surplus funds into the general fund. Sets forth the powers of the Administrator for the administration of this program. Prohibits the commitment of assistance after September 30, 1991. Makes technical amendments.

Authorizes appropriations for fiscal year 1982 to assist the Administrator in the establishment of the business loan program.

Title III: Miscellaneous Amendments - Extends the veterans' readjustment appointments in the civil service program through September 30, 1983.