According to the Congressional Record, Sen. Jerry Moran, R-Kan., jointly with Sen. Jon Tester, D-Mont., has introduced S. 1870, the Veterans Entrepreneurial Transition (VET) Act of 2015 which would create a 3-year test (pilot program) to allow up to 250 qualified veterans to use GI Bill benefits as collateral to start a new business or purchase an existing business or franchise. At the same time, Rep. Jeff Fortenberry, R-Neb., introduced the companion bill on the House side, H.R. 3248. If signed into law, the pilot program would be jointly overseen by the Small Business Administration (SBA) and the Department of Veterans Affairs. Applying veterans would have to submit a business plan to the SBA and complete necessary business training. In order to become law, the VET Act would need to pass both the House and Senate and be signed into law by the President.
