February 1, 2018

SBA: Proposed Rule Issued to Move Veteran-Owned Small Business Verification Program to SBA

Department of Veterans Affairs issues proposed rule to move to the Small Business Administration regulations relating to business ownership and control for the purposes of its Veteran-Owned Small Business Verification Program and to clarify other terms and references used in this program.

The Department of Veterans Affairs (VA) is proposing to amend its regulations governing VA’s Veteran-Owned Small Business (VOSB) Verification Program. The National Defense Authorization Act for Fiscal Year 2017 (“the NDAA”), Public Law 114-840, placed the responsibility for issuing regulations relating to ownership and control for the verification of VOSBs with the United States Small Business Administration (SBA). This proposed regulation seeks to remove all references to ownership and control in VA’s existing verification regulations and to add and clarify certain terms and references that are currently part of the verification process. The NDAA also provides that in certain circumstances a firm can qualify as VOSB or Service-Disabled Veteran Owned Small Business (SDVOSB) when there is a surviving spouse or an employee stock ownership plan (ESOP).

This post was originally published here.