A bill to amend the Small Business Act to require the Administrator of the Small Business Administration to carry out a pilot program on issuing grants to eligible veterans to start or acquire qualifying businesses, and for other purposes.
Veterans Entrepreneurial Transition Act of 2016 or the VET Act of 2016
(Sec. 2) This bill amends the Small Business Act to direct the Small Business Administration (SBA) to carry out a three-year pilot program to assess the feasibility of making grants to up to 250 eligible veterans and retiring or honorably discharged members of the Armed Forces to start or acquire a qualifying business enterprise.
The SBA shall establish a list of qualifying business enterprise categories, which shall include: (1) a small business concern, (2) a franchise business enterprise, and (3) any other appropriate business enterprise category.
The SBA shall ensure grantee geographic diversity.
The SBA may authorize eligible veterans to apply as a group. Such a group shall be treated as a single veteran.
Each grantee shall: (1) complete an SBA-approved entrepreneurship readiness program, and (2) prepare a business plan.
The SBA shall submit a program assessment within two years of the program's commencement.
The Government Accountability Office shall submit a program evaluation within one year of the program's termination.
Nothing in the bill shall be construed to modify any time limitation or period during which an individual is entitled to Post 9/11 or all-volunteer force educational assistance.
Read twice and referred to the Committee on Veterans' Affairs.
Referred to the House Committee on Small Business.
Introduced in Senate
Read twice and referred to the Committee on Small Business and Entrepreneurship.
Committee on Small Business and Entrepreneurship. Ordered to be reported with an amendment in the nature of a substitute favorably.
Committee on Small Business and Entrepreneurship. Reported by Senator Vitter with an amendment in the nature of a substitute. Without written report.
Committee on Small Business and Entrepreneurship. Reported by Senator Vitter with an amendment in the nature of a substitute. Without written report.
Placed on Senate Legislative Calendar under General Orders. Calendar No. 542.
By Senator Vitter from Committee on Small Business and Entrepreneurship filed written report under authority of the order of the Senate of 12/10/2016. Report No. 114-411.
By Senator Vitter from Committee on Small Business and Entrepreneurship filed written report under authority of the order of the Senate of 12/10/2016. Report No. 114-411.
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