Inclusion of surviving children in small business concern owned and controlled by service-disabled veterans definition

Section 3(q) of the Small Business Act (15 U.S.C. 632(q)) is amended— (1)in paragraph (2), by adding at the end the following new subparagraph:

(D) (i)During the time period described in clause (ii), a small business concern that was a small business concern described in subparagraph (A) or (B) immediately prior to the death of a service-disabled veteran who was the owner of the concern, the death of whom causes the concern to be less than 51 percent owned by one or more service-disabled veterans, if— (I)a surviving child of the deceased veteran acquires such veteran’s ownership interest in such concern; and (II)immediately prior to the death of such veteran and during the period described in clause (ii), the small business concern is included in the database described in section 36. (ii)The time period described in this clause is the time period beginning on the date of the veteran’s death and ending on the earlier of— (I)the date on which the surviving child relinquishes an ownership interest in the small business concern; or (II)the date that is 3 years after the date of the veteran’s death.

; and

(2)by adding at the end the following new paragraph:

(8)

Surviving child

The term surviving child means a biological or legally adopted child of a service-disabled veteran.