On Tuesday, U.S. Sen. Jon Ossoff, D-GA, introduced the Investing in Veterans Entrepreneurial Talents Act (VETS) Act to boost businesses owned by service-disabled veterans. The bill would help these veterans compete for Federal government contacts and expand opportunities to new markets.
“Service-disabled veterans have made huge sacrifices in our national defense. I’m introducing this bipartisan bill to support small businesses run by service-disabled veterans in Georgia,” Ossoff said.
The bill would require the Federal government to award at five percent of its total contracts to service-disabled veteran-owned small business per fiscal year. With more than 700,000 veterans across Georgia, nearly a third of them have a service-connected disability and 100,000 of them own small business in the state.
“This change will align the participation goals for SDVOSBs with those of Women-Owned Small Businesses (WOSBs) and Socially and Economically Disadvantaged Small Businesses (SDBs), creating a more equitable playing field for small businesses,” said Chanin Nunvatong, Executive Director of The American Legion. “Senator Ossoff has shown great leadership on this issue, and the American Legion fully supports this act as it will provide much-needed recognition and support for SDVOSBs and veterans who have served our country with distinction.”
Currently, the goal for government contracts for these kinds of businesses is 3 percent. Along with the SDVOSB, WOSB and SDB requirements, there are a number of other requirements for small business contracting overseen by the Small Business Administration (SBA). Generally, at least 51 percent of ownership must be by the qualifying category.
HUBZone businesses must also receive 3 percent of contracts – these businesses are located in areas determined by the SBA as an “underutilized business zone.” Additionally, 35 percent of employees of these businesses must be residents of the HUBZone area. The original legislation was passed in 1953 to ensure small businesses could compete with the big guys, and their lobbyists, in acquiring federal contracts.
Over on the House side, Congresswoman Jen Kiggans (R-VA 2) and Congressman Frank Mrvan (D-IN 1) will introduce bipartisan companion legislation.
Sen. Ossoff is also pushing the Major Richard Star Act, a bill that would help disabled veterans who served less than 20 years receive full disability and retirement pay. A 2021 report from the Department of Defense identified more than 2,000 veterans who retired because of disability and combat-related injuries. Currently, the law does not allow disability and retirement pay for those veterans who were forced to retire because of a combat injury. That bill is currently working its way through the Committee on Veterans’ Affairs and Armed Services.
“The bottom line is this – combat-disabled veterans are heroes, we owe a debt a debt of gratitude to them, and they are owed certain benefits by the U.S. government,” said Ossoff.
