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Veterans' Small Business Relief Act of 2001
To amend section 7(a) of the Small Business Act to exempt small business concerns owned and controlled by veterans who have been discharged or released from military service for less than 5 years from guarantee fees.
Summary
This bill amends the Small Business Act to exempt small business concerns that are owned and controlled by veterans from guarantee fees on Small Business Administration-guaranteed loans. The exemption applies to veterans who were discharged or released from military service within the five years preceding their loan application. Under this provision, neither the SBA nor the borrower would be required to pay the guarantee fee that is normally collected on such loans.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
Actions (4)
- May 21, 2002 Subcommittee Hearings Held. · house
- May 21, 2002 Referred to the Subcommittee on Workforce, Empowerment, and Government Programs. · house
- Nov 8, 2001 Referred to the House Committee on Small Business. · house
- Nov 8, 2001 Introduced in House
Similar bills (6)
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Text versions (1)
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Full text
IN THE HOUSE OF REPRESENTATIVES
November 8, 2001
Mr. Pascrell introduced the following bill; which was referred to the Committee on Small Business
A BILL
To amend section 7(a) of the Small Business Act to exempt small business concerns owned and controlled by veterans who have been discharged or released from military service for less than 5 years from guarantee fees.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Veterans’ Small Business Relief Act of 2001”.
SEC. 2. EXEMPTION OF SMALL BUSINESS CONCERNS OWNED AND CONTROLLED BY VETERANS FROM GUARANTEE FEES.
Section 7(a)(18) of the Small Business Act (15 U.S.C. 636(a)(18)) is amended by adding at the end the following new subparagraph:
“(C) Exemption.—In the case of loans guaranteed under this subsection to a small business concern owned and controlled by veterans who were discharged or released from military service not more than 5 years before the date of the application for such loan, no guarantee fee shall be collected by the Administration or charged to the borrower.”. <all>
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