Mineral Wells Index, Mineral Wells, TX

July 15, 2012

Vet-owned business owners get extension

Mineral Wells Index

By Jim Vines | jim.helpingveterans@gmail.com

Recently the VA has announced it is doubling the amount of time before owners of service-disabled veteran-owned small businesses and veteran-owned businesses must re-verify with the VA that they are, in fact, owned and operated by qualified veterans and other legal requirements.

The interim rule will benefit thousands of small businesses by reducing the uncertainty and administrative burden associated with a yearly verification cycle. By increasing the verification period in two years, these veteran-owned small businesses will be able to plan and operate their companies more efficiently and effectively instead of working within the current 12-month business cycle. Under this interim rule, businesses at the end of their two year verification period would be required to re-verify through the VA’s Center for Veterans Enterprise (CVE ).

In 2011 the VA awarded $3.2 billion in contracts to veterans small businesses. To initiate eligibility for a small business a veteran must complete an application process with CVE through the web-based Vendor Information Page database. Information about the process for verification can be found on the VA’s website at www.vetbiz.gov.

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