SERV Act

Key Points

• This bill requires the Small Business Administration to provide regular updates on its task force for veterans. It also requires a plan to better promote programs like Boots to Business that help military members transition into owning a company.
• The government will conduct a major study on how veterans and their spouses get business loans. This study will look at where they get their money, how often they fall behind on payments, and what obstacles stand in their way when trying to build credit.
• A key part of the study will look at how being deployed overseas or moving for military service affects a person's credit history. This helps the government understand if military service is accidentally making it harder for families to start businesses.
• This policy covers a wide range of people including veterans, service-disabled veterans, members of the National Guard and Reserve, and their spouses. It aims to ensure these families have the same opportunities to succeed in business as everyone else.
• The bill specifically states that no new taxpayer money will be spent to create these reports. The agencies must use their existing budgets to complete the work.

Impact Analysis

Govbase has not yet run an impact analysis on this legislation.