To eliminate the preferences and special rules for Alaska Native Corporations under the program under section 8(a) of the Small Business Act.

Amends the Small Business Act to exclude from the definition of "Indian tribe" any Alaska Native Corporation (ANC) or Alaska Native Village (ANV).

Amends the Alaska Native Claims Settlement Act to provide that, for purposes of eligibility for procurement contracts provided through the Small Business Administration (SBA), whether an ANC or ANV is socially or economically disadvantaged shall be determined by the SBA Administrator according to eligibility standards for SBA 8(a) general small business loans. Makes members of socially and economically disadvantaged ANCs or ANVs eligible for such loans.

Directs the Administrator to apply to small businesses owned by an ANC or ANV the competitive thresholds for awarding SBA sole source contracts that are applicable to small businesses owned and controlled by socially and economically disadvantaged individuals.

Prohibits the Administrator from extending or waiving, for small businesses owned by an ANC or ANV, the time limitations applicable to participants in the small business capital ownership development program. Outlines annual report requirements for program participants who are ANCs or ANVs.

Requires the Administrator to amend SBA regulations to incorporate amendments made by this Act.