“A bill to waive the guarantee fee for certain business loans made to veterans and spouses of veterans.”
No CRS summary available for this bill.
This section prohibits the Small Business Administration (SBA) from collecting a guarantee fee on 7(a) loans (i.e., the SBA's primary business loan guarantee program) made to small business concerns owned by a veteran or spouse of a veteran if the SBA-guaranteed portion does not exceed $1,000,000 and the loan is not made under paragraphs (36) or (37) (i.e., excluding certain military reservist economic injury and export working capital programs). It defines "veteran or spouse of a veteran" to include (I) a veteran, (II) a Transition Assistance Program participant, (III) a member of a reserve component named in 10 U.S.C. 10101 (i.e., Army National Guard of the United States, Army Reserve, Navy Reserve, Marine Corps Reserve, Air National Guard of the United States, Air Force Reserve, or Coast Guard Reserve), (IV) the spouse of such an individual, or (V) the surviving spouse of such an individual who died on active duty or from a service-connected disability. This section also strikes subparagraph (G) of paragraph (31)(A) and redesignates subparagraph (H) as (G).