Heroes Business Opportunity Act of 2023

Bill: 118-s-3302
Sponsor: full_name: Sen. Shaheen, Jeanne [D-NH]
Introduced: 2023-11-14
Policy area: Commerce
Latest action: action_date: 2023-11-14
text: Read twice and referred to the Committee on Small Business and Entrepreneurship.

Summaries:

tv_txt: II 118th CONGRESS 1st Session S. 3302 IN THE SENATE OF THE UNITED STATES November 14 (legislative day, November 13), 2023 Mrs. Shaheen introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship A BILL To waive the guarantee fee for certain business loans made to veterans and spouses of veterans.

1. Short title This Act may be cited as the Heroes Business Opportunity Act of 2023 . 2. Waiver of guarantee fee for certain business loans made to veterans and spouses of veterans Section 7(a) of the Small Business Act ( 15 U.S.C. 636(a) ) is amended— (1) in paragraph (18)— (A) in subparagraph (A), in the matter preceding clause (i), by striking With respect and inserting Except as provided in subparagraph (C), with respect ; and (B) by adding at the end the following: (C) Exception (i) In general Notwithstanding subparagraph (A), the Administration may not collect a guarantee fee under subparagraph (A) with respect to a loan guaranteed under this subsection if— (I) the loan is not made under paragraph (36) or (37); (II) the loan is made to a veteran or spouse of a veteran; and (III) the deferred participation share of the total loan amount is not more than $1,000,000. (ii) Definition In this subparagraph, the term veteran or spouse of a veteran means— (I) a veteran; (II) an individual who is eligible to participate in the Transition Assistance Program established under section 1144 of title 10, United States Code; (III) a member of a reserve component of the Armed Forces named in section 10101 of title 10, United States Code; (IV) the spouse of an individual described in subclause (I), (II), or (III); or (V) the surviving spouse (as defined in section 101 of title 38, United States Code) of an individual described in subclause (I), (II), or (III) who died while serving on active duty or as a result of a disability that is service-connected (as defined in such section). ; and (2) in paragraph (31)— (A) by striking subparagraph (G); and (B) by redesignating subparagraph (H) as subparagraph (G).