The Department of Veterans Affairs has issued a final rule implementing provisions in the Veterans Benefits, Health Care, and Information Technology Act of 2006 requiring the department to verify ownership and control of veteran-owned small businesses, including service-disabled veteran-owned small businesses.
The final rule, effective immediately and published in the February 9 Federal Register, defines the eligibility requirements for businesses to obtain "verified’” status, explains examination procedures, and establishes records retention and review processes.
It also implements new interim final requirements, that eligible owners work full-time in the business for which they have applied for acceptance in the Verification Program, changes the time period for issuance of reconsideration decisions from 30 to 60 days, and changes the distribution of profits for LLCs and employee stock ownership plans and solicits comments on these regulatory amendments only.
