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Wednesday, November 6, 2024

Legislation introduced to expand opportunities for veteran-owned small businesses

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Second District of Alabama | Second District of Alabama website

Second District of Alabama | Second District of Alabama website

Rep. Barry Moore, along with Rep. Terri Sewell and Rep. Jake Ellzey, has introduced a new piece of legislation aimed at broadening opportunities for Veteran-owned small businesses. The proposed amendment to the Small Business Act seeks to include surviving children in the definition of small business concerns owned and controlled by service-disabled Veterans.

The legislation would permit the children of deceased service-disabled Veteran small business owners to manage the business temporarily for up to three years following the owner's death.

“As a Veteran and former small business owner, I know that these businesses are the lifeblood of families and communities,” said Congressman Moore. “This vital legislation allows these 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."

Congresswoman Terri Sewell emphasized the importance of supporting Veterans who have disabilities related to their service, stating, "We must do all that we can to support our Veterans, especially those who experience disabilities related to their service. This legislation makes an important update to federal law to support small businesses owned by service-disabled Veterans and their families."

Congressman Jake Ellzey highlighted a gap in existing law: "This bill addresses a significant gap in the current Small Business Act by recognizing the critical role that adult children often play in service-disabled Veteran-owned small businesses."

Dr. Alfred Seawright, CEO of Medical Place in Montgomery, Alabama, expressed support for this legislative change. He stated that this modernization is crucial for businesses like his own, which have served Veterans for decades: "By including surviving children alongside surviving spouses in existing law, small businesses like ours can stabilize and continue business operations."

The bill's supporters urge members of the House to back this initiative as it aims to honor Veterans' sacrifices while ensuring stability for their families' businesses.

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