New Rule Posted by Federal Register which Affects VOSBs

This Federal Register Notice, posted January 19, 2011, affirms as final, with changes, a final rule with request for comments that implemented portions of the Veterans Benefits, Health Care, and Information Technology Act of 2006. This law requires the Department of Veterans Affairs (VA) to verify ownership and control of veteran-owned small businesses, including service-disabled veteran-owned small businesses. This final rule rescinds the requirement that eligible owners work full-time in the business for which they have applied for acceptance in the Verification Program and that limits participants to a single business. It formally changes the time period for issuance of reconsideration decisions from 30 to 60 days and changes the distribution of profits for limited liability companies and employee stock ownership plans.

To read full details, follow the link to: http://www.federalregister.gov/articles/2011/01/19/2011-983/va-veteran-owned-small-business-verification-guidelines#p-3