WASHINGTON — U.S. Reps. Barry Moore and Terri Sewell of Alabama crossed the aisle to introduce legislation to expand opportunities for Service-Disabled Veteran-Owned Small Businesses (SDVOSB).
The legislation amends the Small Business Act to include surviving children in the definition of small business concern owned and controlled by service-disabled veterans.
“As a veteran and former small business owner, I know that businesses are the lifeblood of families and communities,” said Moore (R-Mobile). “This vital legislation allows family businesses to gracefully transition without losing their Service-Disabled Veteran Owned Small Business designation and encourages them to hire another Service-Disabled Veteran in the future.”
The bill would allow the children of deceased service-disabled Veteran small business owners to temporarily run the business for a transition period of three years after the veteran small business owner passes away.
“We must do all that we can to support our veterans, especially those who experience disabilities related to their service,” said Sewell (D-Birmingham). “This legislation makes an important update to federal law to support small businesses owned by Service-Disabled Veterans and their families.
“I’m grateful for the partnership of Congressman Moore on this issue.”
Don’t miss out! Subscribe to our email newsletter to have all our smart stories delivered to your inbox.