21st Century GI Bill of Rights Act of 2007 - Entitles to basic educational assistance under the Montgomery GI Bill certain members of the Armed Forces or reserves who, after September 11, 2001: (1) are deployed overseas; or (2) serve for an aggregate of at least two years or, before such period, are discharged due to a service-connected disability, hardship, or certain medical conditions. Entitles such individuals to 36 months of educational assistance. Authorizes: (1) specialized training and certification programs for veterans with service-connected disabilities; and (2) payments for tutorial assistance and licensure and certification tests. Requires (with exceptions) the use of such assistance within ten years after the individual's last discharge or release from active duty.
Requires individuals eligible under both the above program and the regular Montgomery GI Bill educational assistance program to elect one program for participation.
Directs the Secretary of Veterans Affairs to increase the maximum guaranty amount under the veterans' home loan program with respect to residences of a particular size in an area for which the median price for such size exceeds the normal guaranty maximum.
Repeals the home loan guaranty fees charged to veterans.
Amends the Small Business Act relating to the microloan program to authorize small business loans to veterans in amounts up to $100,000 at an interest rate of no more than 2.5%.
[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2385 Introduced in House (IH)]
110th CONGRESS
1st Session
H. R. 2385
To provide and enhance education, housing, and entrepreneur assistance
for veterans who serve in the Armed Forces after September 11, 2001,
and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
May 17, 2007
Mr. Patrick J. Murphy of Pennsylvania introduced the following bill;
which was referred to the Committee on Veterans' Affairs, and in
addition to the Committees on Armed Services and Small Business, for a
period to be subsequently determined by the Speaker, in each case for
consideration of such provisions as fall within the jurisdiction of the
committee concerned
_______________________________________________________________________
A BILL
To provide and enhance education, housing, and entrepreneur assistance
for veterans who serve in the Armed Forces after September 11, 2001,
and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``21st Century GI Bill of Rights Act
of 2007''.
SEC. 2. EDUCATIONAL ASSISTANCE FOR MEMBERS OF THE ARMED FORCES WHO
SERVE AFTER SEPTEMBER 11, 2001.
(a) Educational Assistance Authorized.--
(1) In general.--Part III of title 38, United States Code,
is amended by inserting after chapter 32 the following new
chapter:
``CHAPTER 33--EDUCATIONAL ASSISTANCE FOR SERVICE AFTER SEPTEMBER 11,
2001
``subchapter i--definitions
``Sec.
``3301. Definitions.
``subchapter ii--educational assistance
``3311. Educational assistance for service in the Armed Forces after
September 11, 2001: entitlement.
``3312. Educational assistance: duration.
``3313. Educational assistance: payment; amount.
``3314. Tutorial assistance.
``3315. Licensure and certification tests.
``subchapter iii--administrative provisions
``3321. Time limitation for use of and eligibility for entitlement.
``3322. Bar to duplication of educational assistance benefits.
``3323. Administration.
``3324. Allocation of administration and costs.
``SUBCHAPTER I--DEFINITIONS
``Sec. 3301. Definitions
``In this chapter:
``(1) The term `active duty' has the meaning given such
term in sections 101 and 3002(7) of this title and includes the
limitations specified in section 3002(6) of this title.
``(2) The terms `program of education', `Secretary of
Defense', and `Selected Reserve' have the meaning given such
terms in section 3002 of this title.
``SUBCHAPTER II--EDUCATIONAL ASSISTANCE
``Sec. 3311. Educational assistance for service in the Armed Forces
after September 11, 2001: entitlement
``(a) Entitlement.--Except as provided in subsection (c), each
individual described in subsection (b) is entitled to educational
assistance under this chapter.
``(b) Covered Individuals.--An individual described in this
subsection is any individual as follows:
``(1) A member of the Armed Forces who, while serving on
active duty in the Armed Forces after September 11, 2001, is
deployed overseas.
``(2) A member of the Armed Forces or a Reserve of the
Armed Forces (including a member of the National Guard and a
member of the Reserves) who--
``(A) serves on active duty in the Armed Forces
after September 11, 2001, for an aggregate of at least
two years; or
``(B) before completing the aggregate of service
described in subparagraph (A) while serving on active
duty in the Armed Forces after September 11, 2001, is
discharged as described in subsection (d) after that
date.
``(c) Exception for Individuals Who Receive a Commission as an
Officer Upon Graduation From an Academy.--An individual who receives a
commission as an officer in the Armed Forces upon graduation from the
United States Military Academy, the United States Naval Academy, the
United States Air Force Academy, the United States Merchant Marine
Academy, or the Coast Guard Academy is not entitled to educational
assistance under this chapter.
``(d) Certain Discharge or Release Providing Exception From Service
Requirements.--A discharge or release described in this subsection is a
discharge or release from service in the Armed Forces for--
``(1) a service-connected disability;
``(2) a medical condition which preexisted such service and
which the Secretary determines is not service-connected;
``(3) hardship; or
``(4) a physical or mental condition that was not
characterized as a disability and did not result from the
individual's own willful misconduct but did interfere with the
individual's performance of duty, as determined by the
Secretary of each military department in accordance with
regulations prescribed by the Secretary of Defense.
``Sec. 3312. Educational assistance: duration
``Subject to section 3695 of this title, an individual entitled to
educational assistance under section 3311 of this title is entitled to
36 months, which is the equivalent of four academic years, of
educational assistance under section 3313 of this title.
``Sec. 3313. Educational assistance: payment; amount
``(a) Payment.--The Secretary shall pay to each individual entitled
to educational assistance under this chapter who is pursuing an
approved program of education (other than a program covered by
subsections (e) and (f)) the amounts specified in subsection (c) to
meet the expenses of such individual's subsistence, tuition, fees, and
other educational costs for pursuit of such program of education.
``(b) Approved Programs of Education.--(1) Except as provided in
paragraph (1), a program of education is an approved program of
education for purposes of this chapter if the program of education is
approved for purposes of chapter 30 of this title.
``(2) A program of education to obtain a graduate degree is not an
approved program of education for the purposes of this chapter.
``(c) Amount of Educational Assistance.--(1) The amounts payable
under this subsection for pursuit of an approved program of education
are amounts as follows:
``(A) An amount equal to the established charges (as
determined in accordance with subsection (h)) for the program
of education.
``(B) Subject to paragraph (2), an amount equal to the room
and board of the individual.
``(2) The amount payable under paragraph (1)(B) for room and board
of an individual may not exceed an amount equal to the standard
dormitory fee, or such equivalent fee as the Secretary shall specify in
regulations, which similarly circumstanced nonveterans enrolled in the
program of education involved would be required to pay.
``(d) Frequency of Payment.--(1) Payment of the amounts payable
under subsection (c)(1) for pursuit of a program of education shall be
made at such time and with such frequency as the Secretary shall
prescribe for purposes of this chapter. Such payment may include
payment in a lump-sum amount for the entire quarter, semester, or term,
as applicable, of the program of education before the commencement of
such quarter, semester, or term.
``(2) The Secretary shall prescribe in regulations methods for
determining the number of months (including fractions thereof) of
entitlement of an individual to educational assistance under this
chapter that are chargeable under this chapter for payments of amounts
in accordance with this subsection, including payments on a lump-sum
basis in advance as authorized by paragraph (1).
``(3) Payment of amounts described in paragraph (1) for pursuit of
a program of education may not be made to an individual before the date
of the enrollment of such individual in the program of education for
which payment is sought by such individual.
``(e) Programs of Education Pursued on Active Duty.--(1)
Educational assistance is payable under this chapter for pursuit of an
approved program of education while on active duty.
``(2) The amount of educational assistance payable under this
chapter to an individual pursuing a program of education while on
active duty is the lesser of--
``(A) the established charges (as determined in accordance
with subsection (h)) for the program of education; or
``(B) the amount of the charges of the educational
institution as elected by the individual in the manner
specified in section 3014(b) of this title.
``(3) Payment of the amount payable under paragraph (2) for pursuit
of a program of education shall be made in a lump-sum amount for the
entire quarter, semester, or term, as applicable, of the program of
education before the commencement of such quarter, semester, or term.
``(4) For each month (as determined pursuant to the methods
prescribed under subsection (d)(2)) for which amounts are paid an
individual under this subsection, the entitlement of the individual to
educational assistance under this chapter shall be charged at the rate
of one month for each such month.
``(f) Programs of Education Pursued on Less Than Half-Time Basis.--
(1) Educational assistance is payable under this chapter for pursuit of
an approved program of education on less than half-time basis.
``(2) The amount of educational assistance payable under this
chapter to an individual pursuing a program of education on less than
half-time basis is the established charges (as determined in accordance
with subsection (h)) for the program of education.
``(3) Payment of the amount payable under this chapter to an
individual for pursuit of a program of education on less than half-time
basis shall be made in a lump-sum, and shall be made not later than the
last day of the month immediately following the month in which
certification is received from the educational institution involved
that the individual has enrolled in and is pursuing a program of
education at the institution.
``(4) For each month (as determined pursuant to the methods
prescribed under subsection (d)(2)) for which amounts are paid an
individual under this subsection, the entitlement of the individual to
educational assistance under this chapter shall be charged at a
percentage of a month equal to--
``(A) the number of course hours borne by the individual in
pursuit of the program of education involved, divided by
``(B) the number of course hours for full-time pursuit of
such program of education.
``(g) Specialized Training and Certification and Licensing Programs
for Veterans With Service-Connected Disabilities.--(1) Educational
assistance is payable under this chapter for an approved program of
education that--
``(A) consists of specialized training for veterans with
service-connected disabilities;
``(B) is a certification program for veterans with service-
connected disabilities; or
``(C) is a licensing program for veterans with service-
connected disabilities.
``(2) The amount of educational assistance payable under this
chapter to an individual pursuing a program of education pursuant to
paragraph (1) is the established charges (as determined in accordance
with subsection (h)) for the program of education.
``(h) Established Charges.--(1) Subject to the provisions of this
subsection, in subsections (c), (e), (f), and (g) the term `established
charges', in the case of a program of education, means the actual
charges (as determined pursuant to regulations prescribed by the
Secretary in consultation with the Secretary of Education) for tuition,
fees (including required supplies, books, and equipment), and other
educational costs which similarly circumstanced nonveterans enrolled in
the program of education would be required to pay.
``(2) The maximum amount of charges payable for tuition under this
subsection as part of the established charges for a program of
education pursued by an individual under subsections (c), (e), (f), and
(g) may not exceed the national average amount of tuition regularly
charged for full-time pursuit of programs of education at public and
private institutions of higher education that typically require 36
months, which is the equivalent of four academic years, to complete.
``(3) Established charges shall be determined for purposes of this
subsection on the following basis:
``(A) In the case of an individual enrolled in a program of
education offered on a term, quarter, or semester basis, the
tuition and fees charged the individual for the term, quarter,
or semester.
``(B) In the case of an individual enrolled in a program of
education not offered on a term, quarter, or semester basis,
the tuition and fees charged the individual for the entire
program of education.
``Sec. 3314. Tutorial assistance
``(a) In General.--Subject to subsection (b), an individual
entitled to educational assistance under this chapter shall also be
entitled to benefits provided an eligible veteran under section 3492 of
this title.
``(b) Conditions.--The provision of benefits under subsection (a)
shall be subject to the conditions applicable to an eligible veteran
under section 3492 of this title.
``(c) No Charge Against Entitlement.--Any benefits provided an
individual under subsection (a) are in addition to any other
educational assistance benefits provided the individual under this
chapter.
``Sec. 3315. Licensure and certification tests
``(a) In General.--An individual entitled to educational assistance
under this chapter shall also be entitled to payment for licensing or
certification tests described in section 3452(b) of this title.
``(b) No Charge Against Entitlement.--Any amount paid an individual
under subsection (a) is in addition to any other educational assistance
benefits provided the individual under this chapter.
``SUBCHAPTER III--ADMINISTRATIVE PROVISIONS
``Sec. 3321. Time limitation for use of and eligibility for entitlement
``(a) In General.--Except as otherwise provided in subsection (b),
the period during which an individual entitled to educational
assistance under this chapter may use such individual's entitlement
expires at the end of the 10-year period beginning on the date of such
individual's last discharge or release from active duty.
``(b) Exceptions.--(1) Subsections (b), (c), and (d) of section
3031 of this title shall apply with respect to the running of the 10-
year period described in subsection (a) of this section in the same
manner as such subsections apply under section 3031 of this title with
respect to the running of the 10-year period described in section
3031(a) of this title.
``(2) Section 3031(f) of this title shall apply with respect to the
termination of an individual's entitlement to educational assistance
under this chapter in the same manner as such section applies to the
termination of an individual's entitlement to educational assistance
under chapter 30 of this title, except that, in the administration of
such section for purposes of this chapter, the reference to section
3013 of this title shall be deemed to be a reference to 3312 of this
title.
``Sec. 3322. Bar to duplication of educational assistance benefits
``(a) In General.--An individual entitled to educational assistance
under this chapter who is also eligible for educational assistance
under chapter 30, 31, 32, or 35 of this title, chapter 107, 1606, or
1607 of title 10, or the provisions of the Hostage Relief Act of 1980
(Public Law 96-449; 5 U.S.C. 5561 note) may not receive assistance
under two or more such programs concurrently, but shall elect (in such
form and manner as the Secretary may prescribe) under which chapter or
provisions to receive educational assistance.
``(b) Inapplicability of Service Treated Under Educational Loan
Repayment Programs.--A period of service counted for purposes of
repayment of an education loan under chapter 109 of title 10 may not be
counted as a period of service for entitlement to educational
assistance under this chapter.
``(c) Service in Selected Reserve.--An individual who serves in the
Selected Reserve may receive credit for such service under only one of
this chapter, chapter 30 of this title, and chapters 1606 and 1607 of
title 10, and shall elect (in such form and manner as the Secretary may
prescribe) under which chapter such service is to be credited.
``(d) Additional Coordination Matters.--In the case of an
individual entitled to educational assistance under chapter 30, 31, 32,
or 35 of this title, chapter 107, 1606, or 1607 of title 10, or the
provisions of the Hostage Relief Act of 1980, or making contributions
toward entitlement to educational assistance under chapter 30 of this
title, as of the date of the enactment of the 21st Century GI Bill of
Rights Act of 2007, coordination of entitlement to educational
assistance under this chapter, on the one hand, and such chapters or
provisions, on the other, shall be governed by the provisions of
section 2(c) of the 21st Century GI Bill of Rights Act of 2007.
``Sec. 3323. Administration
``(a) In General.--(1) Except as otherwise provided in this
chapter, the provisions specified in section 3034(a)(1) of this title
shall apply to the provision of educational assistance under this
chapter.
``(2) In applying the provisions referred to in paragraph (1) to an
individual entitled to educational assistance under this chapter for
purposes of this section, the reference in such provisions to the term
`eligible veteran' shall be deemed to refer to an individual entitled
to educational assistance under this chapter.
``(3) In applying section 3474 of this title to an individual
entitled to educational assistance under this chapter for purposes of
this section, the reference in such section 3474 to the term
`educational assistance allowance' shall be deemed to refer to
educational assistance payable under section 3313 of this title.
``(4) In applying section 3482(g) of this title to an individual
entitled to educational assistance under this chapter for purposes of
this section--
``(A) the first reference to the term `educational
assistance allowance' in such section 3482(g) shall be deemed
to refer to educational assistance payable under section 3313
of this title; and
``(B) the first sentence of paragraph (1) of such section
3482(g) shall be applied as if such sentence ended with
`equipment'.
``(b) Information on Benefits.--(1) The Secretary of Veterans
Affairs shall provide the information described in paragraph (2) to
each member of the Armed Forces at such times as the Secretary of
Veterans Affairs and the Secretary of Defense shall jointly prescribe
in regulations.
``(2) The information described in this paragraph is information on
benefits, limitations, procedures, eligibility requirements (including
time-in-service requirements), and other important aspects of
educational assistance under this chapter, including application forms
for such assistance under section 5102 of this title.
``(3) The Secretary of Veterans Affairs shall furnish the
information and forms described in paragraph (2), and other educational
materials on educational assistance under this chapter, to educational
institutions, training establishments, military education personnel,
and such other persons and entities as the Secretary considers
appropriate.
``(c) Regulations.--(1) The Secretary shall prescribe regulations
for the administration of this chapter.
``(2) Any regulations prescribed by the Secretary of Defense for
purposes of this chapter shall apply uniformly across the Armed Forces.
``Sec. 3324. Allocation of administration and costs
``(a) Administration.--Except as otherwise provided in this
chapter, the Secretary shall administer the provision of educational
assistance under this chapter.
``(b) Costs.--Payments for entitlement to educational assistance
earned under this chapter shall be made from funds appropriated to, or
otherwise made available to, the Department of Veterans Affairs for the
payment of readjustment benefits.''.
(2) Clerical amendments.--The tables of chapters at the
beginning of title 38, United States Code, and at the beginning
of part III of such title, are each amended by inserting after
the item relating to chapter 32 the following new item:
``33. Educational assistance for service after September 11, 3301''.
2001.
(b) Conforming Amendments.--
(1) Amendments relating to duplication of benefits.--
(A) Section 3033 of title 38, United States Code,
is amended--
(i) in subsection (a)(1), by inserting
``33,'' after ``32,''; and
(ii) in subsection (c), by striking ``both
the program established by this chapter and the
program established by chapter 106 of title
10'' and inserting ``two or more of the
programs established by this chapter, chapter
33 of this title, and chapters 1606 and 1607 of
title 10''.
(B) Paragraph (4) of section 3695(a) of such title
is amended to read as follows:
``(4) Chapters 30, 32, 33, 34, 35, and 36 of this title.''.
(C) Section 16163(e) of title 10, United States
Code, is amended by inserting ``33,'' after ``32,''.
(2) Additional conforming amendments.--
(A) Title 38, United States Code, is further
amended by inserting ``33,'' after ``32,'' each place
it appears in the following provisions:
(i) In subsections (b) and (e)(1) of
section 3485.
(ii) In section 3688(b).
(iii) In subsections (a)(1), (c)(1),
(c)(1)(G), (d), and (e)(2) of section 3689.
(iv) In section 3690(b)(3)(A).
(v) In subsections (a) and (b) of section
3692.
(vi) In section 3697(a).
(B) Section 3697A(b)(1) of such title is amended by
striking ``or 32'' and inserting ``32, or 33''.
(c) Applicability to Individuals Under Montgomery GI Bill
Program.--
(1) Individuals eligible to elect participation in
educational assistance for service after september 11, 2001.--
An individual may elect to receive education assistance under
chapter 33 of title 38, United States Code (as added by
subsection (a)), if such individual--
(A) as of the date of the enactment of this Act--
(i) is entitled to basic educational
assistance under chapter 30 of title 38, United
States Code, and has used, but retains unused,
entitlement under that chapter;
(ii) is entitled to educational assistance
under chapter 107, 1606, or 1607 of title 10,
United States Code, and has used, but retains
unused, entitlement under the applicable
chapter;
(iii) is entitled to basic educational
assistance under chapter 30 of title 38, United
States Code, but has not used any such
entitlement under that chapter;
(iv) is entitled to educational assistance
under chapter 107, 1606, or 1607 of title 10,
United States Code, but has not used any such
entitlement under such chapter;
(v) is a member of the Armed Forces who is
eligible for receipt of basic educational
assistance under chapter 30 of title 38, United
States Code, and is making contributions toward
such assistance under section 3011(b) or
3012(c) of such title; or
(vi) is a member of the Armed Forces who is
not entitled to basic educational assistance
under chapter 30 of title 38, United States
Code, by reason of an election under section
3011(c)(1) or 3012(d)(1) of such title; and
(B) as of the date of the individual's election
under this paragraph--
(i) otherwise meets the requirements for
entitlement to educational assistance under
chapter 33 of title 38, United States Code (as
so added); or
(ii) is making progress toward meeting such
requirements.
(2) Election on treatment of transferred entitlement.--
(A) Election.--If, on the date an individual
described in subparagraph (A)(i) or (A)(iii) of
paragraph (1) makes an election under that paragraph, a
transfer of the entitlement of the individual to basic
educational assistance under section 3020 of title 38,
United States Code, is in effect and a number of months
of the entitlement so transferred remain unutilized,
the individual may elect to revoke all or a portion of
the entitlement so transferred that remains unutilized.
(B) Availability of revoked entitlement.--Any
entitlement revoked by an individual under this
paragraph shall no longer be available to the dependent
to whom transferred, but shall be available to the
individual instead for educational assistance under
chapter 33 of title 38, United States Code (as so
added), as provided in paragraph (3)(B).
(C) Availability of unrevoked entitlement.--Any
entitlement described in subparagraph (A) that is not
revoked by an individual in accordance with that
subparagraph shall remain available to the eligible
dependent or dependents concerned in accordance with
the current transfer of such entitlement under section
3020 of title 38, United States Code.
(3) Educational assistance for service after september 11,
2001.--
(A) In general.--Subject to subparagraph (B), an
individual making an election under paragraph (1) shall
be entitled to educational assistance under chapter 33
of title 38, United States Code (as so added), in
accordance with the provisions of such chapter, instead
of basic educational assistance under chapter 30 of
title 38, United States Code, or educational assistance
under chapter 107, 1606, or 1607 of title 10, United
States Code, as applicable.
(B) Limitation on entitlement for certain
individuals.--In the case of an individual making an
election under paragraph (1) who is described by
subparagraph (A)(i) of that paragraph, the number of
months of entitlement of such individual to educational
assistance under chapter 33 of title 38, United States
Code (as so added), shall be the number of months equal
to the number of months of unused entitlement of such
individual under chapter 30 of title 38, United States
Code, as of the date of the election, including any
number of months entitlement revoked by the individual
under paragraph (2)(A).
(4) Treatment of contributions toward basic educational
assistance; cessation of contributions.--Effective as of the
first month beginning on or after the date of an election under
paragraph (1) of an individual described by subparagraph (A)(v)
of that paragraph, the obligation of such individual to make
contributions under section 3011(b) or 3012(c) of title 38,
United States Code, as applicable, shall cease, and the
requirements of such section shall be deemed to be no longer
applicable to such person.
(5) Termination of entitlement under montgomery gi bill.--
Effective on the last day of the month in which an individual
makes an election under paragraph (1), the entitlement, if any,
of the individual to basic educational assistance under chapter
30 of title 38, United States Code, or educational assistance
under chapter 107, 1606, or 1607 of title 10, United States
Code, as applicable, shall terminate.
(6) Irrevocability of elections.--An election under
paragraph (1) or (2)(A) is irrevocable.
SEC. 3. IMPROVEMENTS IN HOUSING BENEFITS FOR VETERANS.
(a) Increase in Maximum Guaranty Amount of Home Loan Guaranty
Program.--Section 3703(a)(1)(C) of title 38, United States Code, is
amended--
(1) by striking ``In this paragraph'' and inserting ``(i)
In this paragraph''; and
(2) by adding at the end the following new clause:
``(ii) The Secretary shall increase the dollar amount described in
clause (i) with respect to residences of a particular size located in
any area for which the median price for such size residence exceeds the
dollar amount, to 25 percent of the median price for such a residence
in such area.''.
(b) Repeal of Loan Funding Fees Requirement for Housing Loans.--
(1) In general.--Section 3729 of such title is repealed.
(2) Conforming amendments.--(A) Section 2041(b)(2) of such
title is amended--
(i) in subparagraph (A), by adding ``and'' at the
end;
(ii) in subparagraph (B), by striking ``; and'' and
inserting a period; and
(iii) by striking subparagraph (C).
(B)(i) Section 3703 of such title is amended--
(I) by striking subsection (e); and
(II) by redesignating subsection (f) as subsection
(e).
(ii) Section 3732(a)(1) of such title is amended by
striking ``Except as provided in section 3703(e) of this title,
if'' and inserting ``If''.
(C) Section 3722(c) of such title is amended by striking
``section 3729 of this title or any other provision of law or''
and inserting ``any provision of law or any''.
(D) Section 3734(b)(2) of such title is amended--
(i) by striking subparagraph (A); and
(ii) by redesignating subparagraphs (B), (C), (D),
and (E) as subparagraphs (A), (B), (C), and (D),
respectively.
(3) Clerical amendment.--The table of sections at the
beginning of chapter 37 of such title is amended by striking
the item relating to section 3729.
(c) Authorization of Appropriations for Veterans Housing Benefit
Program Fund.--There are authorized to be appropriated for the Veterans
Housing Benefit Program Fund under section 3722 of title 38, United
States Code, such sums as may be necessary to carry out the amendments
made by this section.
SEC. 4. SMALL BUSINESS PROGRAMS FOR VETERANS.
(a) Definitions.--In this section:
(1) Intermediary.--The term ``intermediary'' has the
meaning given that term in section 7(m)(11) of the Small
Business Act (15 U.S.C. 636(m)(11)).
(2) Microloan program.--The term ``Microloan Program''
means the Microloan Program under section 7(m) of the Small
Business Act (15 U.S.C. 636(m)), as amended by this Act.
(3) Vet center.--The term ``vet center'' means a center for
the provision of readjustment counseling and related mental
health services under section 1712A of title 38, United States
Code.
(4) Veteran.--The term ``veteran'' has the meaning given
that term in section 101 of title 38, United States Code.
(b) Microloan Program.--Section 7(m) of the Small Business Act (15
U.S.C. 636(m)) is amended by adding at the end the following:
``(14) Loans to veterans.--
``(A) In general.--Notwithstanding any other
provision of law--
``(i) any loan made to a veteran by an
intermediary under this subsection shall have a
rate of interest equal to not more than 2.5
percent; and
``(ii) an intermediary--
``(I) may make a loan to a veteran
under this subsection in an amount of
not more than $100,000; and
``(II) shall not require collateral
for any loan to a veteran under this
subsection.
``(B) Identification.--The Administrator, acting
through the Associate Administrator for Veterans
Business Development, shall--
``(i) identify intermediaries willing to--
``(I) make loans to veterans on the
terms described in subparagraph (A);
and
``(II) assist veterans in obtaining
such loans; and
``(ii) establish a database of
intermediaries identified under clause (i).''.
(c) Outreach.--The Secretary of Veterans Affairs--
(1) acting through vet centers, shall--
(A) provide technical assistance, outreach, and
counseling to veterans regarding the Microloan Program;
and
(B) serve as a liaison between veterans and the
Administrator of the Small Business Administration and
intermediaries for purposes of the Microloan Program;
and
(2) evaluate the efforts of the Department of Veterans
Affairs under paragraph (1).
(d) Authorization of Appropriations.--There are authorized to be
appropriated to the Secretary of Veterans Affairs and the Administrator
of the Small Business Administration such sums as may be necessary to
carry out the provisions of, and the amendments made by, this section.
<all>
Introduced in House
Introduced in House
Referred to the Committee on Veterans' Affairs, and in addition to the Committees on Armed Services, and Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Veterans' Affairs, and in addition to the Committees on Armed Services, and Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Veterans' Affairs, and in addition to the Committees on Armed Services, and Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Veterans' Affairs, and in addition to the Committees on Armed Services, and Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Subcommittee on Economic Opportunity.
Referred to the Subcommittee on Military Personnel.
Llama 3.2 · runs locally in your browser
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line