Small Business Financing Bill May Shortchange Veterans

Introduction

While applauding its intent, leaders of The American Legion say that new federal legislation designed to bolster small business may not do enough to support veteran-owned enterprises.

Main Digest

The legislation being questioned by The American Legion is H.R. 5297, the Small Business Jobs and Credit Act of 2010. Introduced by Rep. Barney Frank (D-Mass.) this past May, H.R. 5297 would create a $30 billion small business lending fund to be administered by the Secretary of the Treasury, as well as provide $12 billion in tax breaks to help small businesses.

"The Small Business Jobs and Credit Act is a terrific piece of legislation in its purpose," says Joe Sharpe, director of The American Legion's economic commission, "but it does very little, if anything, to correct the sorry circumstances facing service-disabled, veteran-owned small businesses today."

Government regulations require that three percent of all appropriate government contract money be awarded to eligible small businesses owned by service-disabled military veterans. Yet, to date, awards have totaled only about half that mandate.

"We are not asking for preferential treatment, but simply some legislative language that levels the playing field," says Sharpe. "Without going into minute detail, let's just say the current wording does not do the job."

Jimmie Foster, national commander of The American Legion, says;

"Historically, the federal government has done very poorly with regards to implementing veteran preference rules on contracts. This time, from our point of view, things must be different. When implementation of this law is accomplished, veteran-owned businesses must finally be able to gain the recognition - and contracts - they deserve. The American Legion will campaign hard to make sure that happens."

Attribution/Source(s):

This quality-reviewed publication was selected for publishing by the editors of Disabled World due to its significant relevance to the disability community. Originally authored by The American Legion, and published on 2010/09/24 (Edit Update: 2021/06/08), the content may have been edited for style, clarity, or brevity. For further details or clarifications, The American Legion can be contacted at legion.org. NOTE: Disabled World does not provide any warranties or endorsements related to this article.

Related Publications▶ Share This Page

Page Information, Citing and Disclaimer

Disabled World is a comprehensive online resource that provides information and news related to disabilities, assistive technologies, and accessibility issues. Founded in 2004 our website covers a wide range of topics, including disability rights, healthcare, education, employment, and independent living, with the goal of supporting the disability community and their families.

Cite This Page (APA): The American Legion. (2010, September 24 - Last revised: 2021, June 8). Small Business Financing Bill May Shortchange Veterans. Disabled World. Retrieved September 12, 2024 from www.disabled-world.com/news/veterans/financing-bill.php

Permalink: <a href="https://www.disabled-world.com/news/veterans/financing-bill.php">Small Business Financing Bill May Shortchange Veterans</a>: New federal legislation designed to bolster small business may not do enough to support veteran-owned enterprises.

Disabled World provides general information only. Materials presented are never meant to substitute for qualified medical care. Any 3rd party offering or advertising does not constitute an endorsement.