Legislation Reintroduced to Support Veteran-Owned Businesses

News Summary

U.S. Representatives Barry Moore and Terri Sewell have reintroduced a bill to amend the Small Business Act, allowing children of deceased service-disabled Veterans to take over family businesses. This move aims to ensure smoother transitions for veteran-owned businesses while promoting the hiring of other service-disabled Veterans. The bill has strong community backing from Alabama’s veteran businesses and is seen as critical for preserving economic stability in the veteran community.

Alabama – U.S. Representatives Barry Moore and Terri Sewell have reintroduced legislation aimed at supporting veteran-owned small businesses. The proposed bill seeks to amend the Small Business Act, allowing children of recently deceased service-disabled Veterans to take over their family business for up to three years after the owner’s death. This follows an initial introduction of the legislation in October 2024, which did not go to a vote.

On a recent Monday, Moore reintroduced the legislation alongside his colleague, Representative Britt, in hopes of gaining the necessary support for its passage. Congressman Moore underscored the significance of small businesses as the “lifeblood of families and communities,” emphasizing that the legislation would facilitate smoother transitions for family-owned businesses without losing their service-disabled Veteran status. Additionally, the bill encourages the hiring of other service-disabled Veterans in the future.

Representative Sewell expressed appreciation for Moore’s partnership and stressed the importance of supporting Veterans with disabilities. The bill has received considerable backing from Alabama’s veteran-owned small businesses, indicating a strong community interest and need for this legislative change.

Dr. Alfred Seawright, CEO of Medical Place in Montgomery, has described the legislation as “critically needed” for stabilizing small businesses owned by service-disabled Veterans. According to data from the U.S. Census Bureau, Veterans owned more than 1.9 million businesses in 2023, employing nearly 5.5 million Americans. This underscores the significant impact that veteran-owned businesses have on the American economy and local communities.

The amendment proposed in the bill aims to include surviving children alongside surviving spouses in the ability to take over businesses, ensuring both business continuity and employee welfare. The inclusion of children in this legislation could provide further security in the management and operations of family businesses during challenging transitional periods.

Seawright has called on all members of the House to lend their support to the bill, emphasizing that aiding small businesses ultimately serves to benefit the veterans they represent. The legislation is a step forward in ensuring that the legacy and contributions of service-disabled Veterans to the American economy are preserved and nurtured through their family-run businesses.

As the reintroduction of this legislation moves forward, advocates from across Alabama hope it will address the pressing challenges faced by veteran-owned businesses and create pathways for new leadership and employment opportunities, fostering economic resilience within the veteran community and beyond.

In summary, the reintroduction of the bill by Representatives Moore and Sewell is a critical development for Alabama’s veteran-owned small businesses, seeking to amend existing laws to allow for seamless transitions in business ownership while maintaining a commitment to supporting service-disabled Veterans in their post-service endeavors.