November 8, 2021
Main Street Monday – The House Passes Two Bills Addressing Veterans and Main Street
“As small businesses continue to build back better in the wake of the COVID crisis, Congress must boost support for entrepreneurs in areas crucial to everyday success,” says Chairwoman Nydia M. Velázquez. “These bipartisan bills will help ensure that small businesses are well-capitalized, better protected, and adequately trained.”
Bill H.R. 3469, known as the Veteran Entrepreneurship Training Act of 2021, wants to amend Section 32 of the Small Business Act and add the “Boots to Business Program” to the end of the subsection. If the bill passes, starting the October after the bill’s approval it would enact this program that provides entrepreneurship training to veterans for four fiscal years. The goals of this program are to provide assistance and training to any veterans who are interested in business ownership and provide them with the necessary tools, skills, and knowledge to start a business.
The Boots to Business Program will include a presentation, an online course focusing on basic entrepreneurship skills and language, an in-person classroom component with the foundations of self-employment, and an in-depth training through online instruction.
The second bill passed, the Investing in Main Street Act of 2021, will “amend the Small Business Investment Act of 1958 to increase the amount that certain banks and savings associations may invest in small business investment companies, subject to the approval of the appropriate Federal banking agency, and for other purposes.” The edits to the original act include adding “or, subject to the approval of the appropriate Federal banking agency, 15 percent of such capital and surplus,” to the end of certain paragraphs.
In addition to these two bills, there were four other bipartisan bills passed in the House Committee on Small Business recently that focus on lenders and cybersecurity. On November 3rd, the Senate received all six of the bills and is currently reviewing them.