SERV Act in plain language
1: Short title
This section would state that the Act may be called the "Successful Entrepreneurship for Reservists and Veterans Act" or the "SERV Act."
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1. Short title This Act may be cited as the Successful Entrepreneurship for Reservists and Veterans Act or the SERV Act .
2: Reporting requirement for veterans interagency task force
This section would add a new reporting duty to the Small Business Act's veterans interagency task force provision (section 32(c)). Along with the annual budget justification documents that the Small Business Administration submits to Congress for a fiscal year, the Administrator would also have to submit a report that discusses the appointments made to and the activities of the task force, and that identifies and outlines a plan for outreach and promotion of programs and services for veterans, including Veteran Business Outreach Centers, Boots to Business, Boots to Business Reboot, the Service-Disabled Entrepreneurship Development Training Program, the Veteran Institute for Procurement, the Women Veteran Entrepreneurship Training Program, and Veteran Women Igniting the Spirit of Entrepreneurship.
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2. Reporting requirement for veterans interagency task force Section 32(c) of the Small Business Act ( 15 U.S.C. 657b(c) ) is amended by adding at the end the following: (4) Report Along with the budget justification documents for the Small Business Administration submitted to Congress in connection with the budget for a fiscal year submitted under section 1105 of title 31, United States Code, the Administrator shall submit a report— (A) discussing the appointments made to and activities of the task force; and (B) identifying and outlining a plan for outreach and promotion of the programs and services for veterans, including Veteran Business Outreach Centers, Boots to Business, Boots to Business Reboot, Service-Disabled Entrepreneurship Development Training Program, Veteran Institute for Procurement, Women Veteran Entrepreneurship Training Program, and Veteran Women Igniting the Spirit of Entrepreneurship. .
3: GAO report on access to credit
This section would require the Comptroller General of the United States, not later than 1 year after this Act becomes law, to submit a report on the ability of small business concerns owned and controlled by covered individuals to access credit. The report would go to the Senate Committee on Veterans' Affairs, the Senate Committee on Small Business and Entrepreneurship, the House Committee on Veterans' Affairs, and the House Committee on Small Business. To the extent practicable, the report would have to analyze the sources of credit these businesses use and the average share of credit each source provides; the default rate for these businesses by credit source, compared with the default rate for small businesses generally; the federal lending programs available to provide credit to these businesses; any gaps in credit availability for these businesses that are not being filled by the federal government or private sources; obstacles covered individuals face in trying to access credit; the extent to which deployment and other military responsibilities affect the credit history of veterans and Reservists; and the extent to which covered individuals are aware of federal programs aimed at helping them access credit. The section would define "covered individual" to mean a veteran, a service-disabled veteran, a Reservist, the spouse of a veteran, service-disabled veteran, or Reservist, or the spouse of a member of the Armed Forces. It would define "Reservist" as a member of a reserve component of the Armed Forces as described in section 10101 of title 10, United States Code. It would give the terms "service-disabled veteran," "small business concern," and "veteran" the meanings already given to them in section 3 of the Small Business Act.
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3. GAO report on access to credit (a) Report on access to credit (1) In general Not later than 1 year after the date of the enactment of this Act, the Comptroller General of the United States shall submit a report on the ability of small business concerns owned and controlled by covered individuals to access credit to— (A) the Committee on Veterans’ Affairs and the Committee on Small Business and Entrepreneurship of the Senate; and (B) the Committee on Veterans’ Affairs and the Committee on Small Business of the House of Representatives. (2) Contents The report submitted under paragraph (1) shall include, to the extent practicable, an analysis of— (A) the sources of credit used by small business concerns owned and controlled by covered individuals and the average percentage of the credit obtained from each source by such concerns; (B) the default rate for small business concerns owned and controlled by covered individuals, disaggregated by each source of credit described in subparagraph (A), as compared to the default rate for the source of credit for small business concerns generally; (C) the Federal lending programs available to provide credit to small business concerns owned and controlled by covered individuals; (D) gaps, if any, in the availability of credit for small business concerns owned and controlled by covered individuals that are not being filled by the Federal Government or private sources; (E) obstacles faced by covered individuals in trying to access credit; (F) the extent to which deployment and other military responsibilities affect the credit history of veterans and Reservists; and (G) the extent to which covered individuals are aware of Federal programs targeted towards helping covered individuals access credit. (b) Definitions In this Act: (1) Covered individual The term covered individual means— (A) a veteran; (B) a service-disabled veteran; (C) a Reservist; (D) the spouse of an individual described in subparagraph (A), (B), or (C); or (E) the spouse of a member of the Armed Forces. (2) Reservist The term Reservist means a member of a reserve component of the Armed Forces, as described in section 10101 of title 10, United States Code. (3) Small Business Act definitions The terms service-disabled veteran , small business concern , and veteran have the meanings given those terms, respectively, under section 3 of the Small Business Act ( 15 U.S.C. 632 ).
4: Compliance with CUTGO
This section would state that no additional funds are authorized to be appropriated to carry out this Act or the amendments it makes.
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4. Compliance with CUTGO No additional amounts are authorized to be appropriated to carry out this Act or the amendments made by this Act.