Chabot Helps Pass Legislation to Assist Small Businesses Owned by Military Reservists and Veterans
Congressman Steve Chabot (R-Cincinnati) spoke on the floor of the House of Representatives today in favor of legislation to increase services and access to small business loans for veterans and military reservists. The House voted 406 - 2 to restore critical provisions to the Military Reservist and Veteran Small Business Reauthorization and Opportunity Act of 2007 that were previously stripped out by a Senate amendment.
"Military reservists are making an extreme sacrifice when they are called to active duty," said Congressman Chabot, the Ranking Member of the House Small Business Committee. "This legislation will provide businesses owned by or employing reservists increased access to capital and advice to enable their businesses to continue operations during their absence."
The legislation, H. Res. 921, ensures that small communities where a reservist-owned business is a major source of employment will have access to economic injury disaster loan funds from the SBA to pay employees and meet other expenses while the owner is on active duty. The resolution also ensures that veterans continue to have access to guaranteed loans under the SBA's 7(a) loan program, while reducing the actual cost to taxpayers.