In an effort to support veterans and their families, this bill would exempt vets and their spouses from guarantee fees when they take out a loan from the Small Business Administration's (SBA) Express Program — permanently.
The SBA Express loan program provides loans of up to $350,000 to business owners, and the maximum SBA guarantee (which would be waived for veteran applicants) can be as high as 50 percent of the loan’s value.
The Administrator of the SBA would also have to send three reports to Congress on:
The feasibility of offering financial planning and counseling to owners of small businesses who are reservists in the military prior to deployment.
The level of outreach to and consultation with female veterans by women’s business centers and veterans business outreach centers.
The Military Reservists Economic Injury Disaster Loan Program, which would include a discussion of SBA outreach efforts to increase participation, the number of loans made, and an analysis of the effectiveness of the Program and recommendations for its improvement.