This bill matters because it aims to support veteran entrepreneurs and their families by ensuring they receive a significant share of federal contracting dollars. If passed, it would create a clear target for government spending with veteran-owned small businesses, which could help these businesses grow, create jobs, and contribute to the economy. This is especially relevant as many veterans transition to civilian life and seek to leverage their skills and experiences in entrepreneurship.
Without this bill, there would be no specific 5% government-wide goal for veteran-owned small businesses, and federal agencies would not have the explicit authority to use sole-source or restricted competition specifically for this group as outlined. This means veteran-owned businesses might find it harder to compete for contracts against larger companies or those with more resources, potentially hindering their growth and the economic benefits they could bring.
KEY PROVISIONS
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PROVISION 01
Establishes a government-wide goal of not less than 5% for federal prime and subcontract awards to small businesses owned and controlled by veterans.
This sets a clear, measurable target for federal agencies to direct a significant portion of their spending towards veteran entrepreneurs.
PROVISION 02
Allows federal contracting officers to award 'sole-source' (non-competitive) contracts to eligible veteran-owned small businesses under specific conditions, such as a fair and reasonable price and within certain value limits.
This provision creates a direct pathway for veteran-owned businesses to secure contracts without facing open competition, making it easier for them to get government work.
PROVISION 03
Requires federal contracting officers to use 'restricted competition' (only veteran-owned small businesses can bid) for contracts when at least two such businesses are expected to submit offers at a fair price.
This gives veteran-owned businesses a competitive advantage within a specific contracting pool, increasing their chances of winning bids.
PROVISION 04
Requires veteran-owned small businesses and their veteran owners to be listed in a federal database to be eligible for contracts under these provisions.
This ensures only genuinely qualified and certified veteran-owned businesses benefit from the program and provides a mechanism for tracking.
PROVISION 05
Integrates veteran-owned small businesses into existing federal reporting requirements and the 'scorecard program' for evaluating agency performance on small business contracting goals.
This provision ensures transparency and accountability, allowing the government and public to track how well agencies are meeting the new goals.
This bill matters because it aims to support veteran entrepreneurs and their families by ensuring they receive a significant share of federal contracting dollars. If passed, it would create a clear target for government spending with veteran-owned small businesses, which could help these businesses grow, create jobs, and contribute to the economy. This is especially relevant as many veterans transition to civilian life and seek to leverage their skills and experiences in entrepreneurship.
Without this bill, there would be no specific 5% government-wide goal for veteran-owned small businesses, and federal agencies would not have the explicit authority to use sole-source or restricted competition specifically for this group as outlined. This means veteran-owned businesses might find it harder to compete for contracts against larger companies or those with more resources, potentially hindering their growth and the economic benefits they could bring.
KEY PROVISIONS
AI-extracted
high
Establishes a government-wide goal of not less than 5% for federal prime and subcontract awards to small businesses owned and controlled by veterans.
This sets a clear, measurable target for federal agencies to direct a significant portion of their spending towards veteran entrepreneurs.
high
Allows federal contracting officers to award 'sole-source' (non-competitive) contracts to eligible veteran-owned small businesses under specific conditions, such as a fair and reasonable price and within certain value limits.
This provision creates a direct pathway for veteran-owned businesses to secure contracts without facing open competition, making it easier for them to get government work.
high
Requires federal contracting officers to use 'restricted competition' (only veteran-owned small businesses can bid) for contracts when at least two such businesses are expected to submit offers at a fair price.
This gives veteran-owned businesses a competitive advantage within a specific contracting pool, increasing their chances of winning bids.
med
Requires veteran-owned small businesses and their veteran owners to be listed in a federal database to be eligible for contracts under these provisions.
This ensures only genuinely qualified and certified veteran-owned businesses benefit from the program and provides a mechanism for tracking.
med
Integrates veteran-owned small businesses into existing federal reporting requirements and the 'scorecard program' for evaluating agency performance on small business contracting goals.
This provision ensures transparency and accountability, allowing the government and public to track how well agencies are meeting the new goals.
GLOSSARY
AI-written
Small Business Act
A federal law that governs various programs and policies designed to aid, counsel, assist, and protect the interests of small business concerns, including those related to government contracting.
Procurement Contracts
Agreements where the federal government purchases goods, services, or construction from companies. These are also known as government contracts.
Small Business Concern Owned and Controlled by Veterans (VOSB)
A small business where one or more veterans own at least 51% of the company and manage its daily operations.
Sole Source Contract
A contract awarded to a single company without a full public bidding process. This is typically allowed under specific conditions when competition is not feasible or authorized by law.
Restricted Competition
A type of bidding process for government contracts where only a specific group of eligible businesses (in this case, veteran-owned small businesses) are invited to submit offers.
Simplified Acquisition Threshold
A dollar amount (currently $250,000 for most procurements) below which government purchases can use less complex and expedited contracting procedures.
ACTION TIMELINE
2 EVENTS
FEB 12
Introduced in House
INTROREFERRAL
FEB 12
Referred to the House Committee on Small Business.
