Bill > HR3195

This bill amends the Small Business Act to expand the definition of a small business concern owned and controlled by service-disabled veterans to include surviving children. Specifically, the bill allows a small business owned by a service-disabled veteran to maintain its veteran-owned status for up to three years after the veteran's death if a surviving child (defined as a biological or legally adopted child) acquires the veteran's ownership interest. To qualify, the business must have been a veteran-owned small business immediately prior to the veteran's death and must be included in a specific government database. The surviving child can maintain the business's veteran-owned status until they either relinquish their ownership interest or three years have passed since the veteran's death, whichever occurs first. This legislation aims to provide additional support and stability for families of service-disabled veterans by preserving their business ownership status during a difficult transition period.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/3195/all-info