WASHINGTON, D.C. – Today U.S. Sens. John Kennedy (R-La.) and Tammy Duckworth’s (D-Ill.) bipartisan Veterans Small Business Enhancement Act, S. 2679, passed favorably out of the Senate Small Business & Entrepreneurship Committee. The Veterans Small Business Enhancement Act aims to help veteran-owned small businesses cut costs and grow by giving them access to surplus federal property.
Surplus federal property includes office furniture, computers and other office supplies. Minority-owned and women-owned small businesses already have access to the federal surplus property program, and this bill will ensure that veteran-owned small businesses receive the same assistance.
“Small business owners are the backbone of our country, and we wouldn’t even have a country if it weren’t for veterans. Our veterans sacrificed so much for our country, and the least we can do is support them,” said Sen. Kennedy. “This federal surplus property program is already in place, so it only seems right that we should allow veterans to qualify for the program. ”
In addition to the Veterans Small Business Enhancement Act, Sen. Kennedy’s bill to extend the effective date of the sunset for collateral requirements for Small Business Administration (SBA) disaster loans, S. 3554, also passed through the Small Business & Entrepreneurship Committee today. This bill will extend a provision of the Recovery Improvements for Small Entities After Disaster Act of 2015 (RISE Act) that allowed SBA to increase the unsecured loan limit for physical damage loans under an SBA Agency declaration from $14,000 to $25,000 for one year. This legislation will provide relief to people recovering from disasters by getting them more money to begin the recovery process more quickly.