118 S3302 IS: Heroes Business Opportunity Act of 2023 U.S. Senate 2023-11-14 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

II118th CONGRESS1st SessionS. 3302IN THE SENATE OF THE UNITED STATESNovember 14 (legislative day, November 13), 2023Mrs. Shaheen introduced the following bill; which was read twice and referred to the Committee on Small Business and EntrepreneurshipA BILLTo waive the guarantee fee for certain business loans made to veterans and spouses of veterans.

1.

Short title

This Act may be cited as the Heroes Business Opportunity Act of 2023.

2.

Waiver of guarantee fee for certain business loans made to veterans and spouses of veterans

Section 7(a) of the Small Business Act (15 U.S.C. 636(a)) is amended—(1)in paragraph (18)—(A)in subparagraph (A), in the matter preceding clause (i), by striking With respect and inserting Except as provided in subparagraph (C), with respect; and(B)by adding at the end the following:(C)

Exception

(i)

In general

Notwithstanding subparagraph (A), the Administration may not collect a guarantee fee under subparagraph (A) with respect to a loan guaranteed under this subsection if—(I)the loan is not made under paragraph (36) or (37); (II)the loan is made to a veteran or spouse of a veteran; and(III)the deferred participation share of the total loan amount is not more than $1,000,000.(ii)

Definition

In this subparagraph, the term veteran or spouse of a veteran means—(I)a veteran;(II)an individual who is eligible to participate in the Transition Assistance Program established under section 1144 of title 10, United States Code;(III)a member of a reserve component of the Armed Forces named in section 10101 of title 10, United States Code;(IV)the spouse of an individual described in subclause (I), (II), or (III); or(V)the surviving spouse (as defined in section 101 of title 38, United States Code) of an individual described in subclause (I), (II), or (III) who died while serving on active duty or as a result of a disability that is service-connected (as defined in such section).; and(2)in paragraph (31)—(A)by striking subparagraph (G); and(B)by redesignating subparagraph (H) as subparagraph (G).