WASHINGTON, /PRNewswire-USNewswire/ -- The President signed into law legislation that will expand business opportunities for veterans and help reservists keep their businesses afloat during and after deployment. Senators John Kerry (D-Mass.) and Olympia J. Snowe (R-Maine), Chairman and Ranking Member of the Senate Committee on Small Business and Entrepreneurship, and Congressman Jason Altmire (D-Pa.) applauded their bill becoming law, the culmination of more than seven months of bipartisan efforts.
"For our country's 24 million veterans and 1.1 million reservists President Bush's signature on this hard fought piece of legislation is more than just ink on a piece of paper, it means they will have access to real tools to help them start or grow a small business," said Senator Kerry. "Our veterans who put their lives on the line for our national security deserve economic opportunity when they come home, and this bipartisan achievement is one small way we can repay them for their hard work and sacrifice.""As alarming numbers of our Guard members and reservists continue to selflessly answer their nation's call to duty, we in Congress must similarly fulfill our responsibility to protect their livelihoods back home," said Senator Snowe. "The state of our economy underscores the need to quickly sign this bipartisan and bicameral legislation into law so that we can provide assistance to our nation's veterans' entrepreneurs."
"With this bill, we have reaffirmed our commitment to helping America's heroes successfully resume their lives at home," Altmire said. "Now it will be easier for reservists who are small business owners to attain loans that are vital to keeping their businesses afloat during their deployments. America's veterans will also have greater access to resources that can help them put their ingenuity to work and succeed as entrepreneurs. Honoring America's promise to support its veterans should always be our top priority and that is exactly what this new law will accomplish."
Senators Kerry and Snowe introduced the Military Reservist and Veteran Small Business Reauthorization and Opportunity Act (S. 1784) last year and the final version includes provisions from a companion House-passed bill sponsored by Congressman Altmire. The Senate bill was co-sponsored by Senator Joseph Lieberman (I/D-Conn.), Senator Chuck Hagel (R-Neb.), Senator Mary Landrieu (D-La.), Senator Maria Cantwell (D-Wash.), and Senator Jon Tester (D-Mont.).
Specifically, the legislation signed by the President will:
Military service members at some locations outside the continental United States (OCONUS) may see some pretty large changes to their Cost of Living Allowances (COLA) during the next few months. The COLA index, which is used to calculate a location’s COLA, has dropped for most locations in Hawaii and the United Kingdom, and Cape Town, […]