WASHINGTON -- U.S. Sens. Olympia Snowe and Susan Collins joined
Sen. John Kerry, D-Mass., on Thursday in sponsoring legislation to
provide assistance for small businesses that suffer the loss of
employees if military reservists are returned to active duty for
the NATO action in Kosovo.
"The brave and dedicated men and women who make up America's reserve forces are often the same people who own, run, and staff small businesses in Maine and across the country," said Snowe, a member of the Senate committees on Armed Services and Small Business. "When these citizen soldiers are called to active duty, their service can exact a toll on their business and livelihood.
This legislation will ensure that business owners have some relief from potential losses. "
Collins said she also believed the measure would "havea positve effect on the recruitment and retention problems that have plagued the Armed Services as qualified individuals look for more competitive compensation in the civilian sector. "
The Military Reservists Small Business Relief Act, introduced Thursday, will provide assistance through the U.S. Small Business Administration for small businesses affected when the owner, manager or a key employee is called to active duty. Snowe said that in Maine, there were 8,345 members of reserve forces and the National Guard in fiscal year 1998, including 4,266 in the U.S. Army Reserve and the Army National Guard; 2,595 in the U.S. Naval Reserve and the U.S. Marine Corps Reserve; and 1,484 in the U.S. Air Force Reserve and the Air National Guard.
The Kerry-Snowe legislation would help small businesses with:
Loan repayment. The bill authorizes deferral of loan repayments on Small Business Administration direct loans including disaster loans, and directs the Small Business Administration to develop similar policies for its Microloan loan guarantee programs.
Low interest loans. Under the SBA's disaster loan program, low-interest economic injury loans would be made available in order to provide operating capital in case the departure of a reservist causes economic harm.
Small Business Development Center technical assistance. The legislation further directs the SBA and its Small Business Development Center facilities to reach out to small businesses affected when military reservists are called to active duty.
"The brave and dedicated men and women who make up America's reserve forces are often the same people who own, run, and staff small businesses in Maine and across the country," said Snowe, a member of the Senate committees on Armed Services and Small Business. "When these citizen soldiers are called to active duty, their service can exact a toll on their business and livelihood.
This legislation will ensure that business owners have some relief from potential losses. "
Collins said she also believed the measure would "havea positve effect on the recruitment and retention problems that have plagued the Armed Services as qualified individuals look for more competitive compensation in the civilian sector. "
The Military Reservists Small Business Relief Act, introduced Thursday, will provide assistance through the U.S. Small Business Administration for small businesses affected when the owner, manager or a key employee is called to active duty. Snowe said that in Maine, there were 8,345 members of reserve forces and the National Guard in fiscal year 1998, including 4,266 in the U.S. Army Reserve and the Army National Guard; 2,595 in the U.S. Naval Reserve and the U.S. Marine Corps Reserve; and 1,484 in the U.S. Air Force Reserve and the Air National Guard.
The Kerry-Snowe legislation would help small businesses with:
Loan repayment. The bill authorizes deferral of loan repayments on Small Business Administration direct loans including disaster loans, and directs the Small Business Administration to develop similar policies for its Microloan loan guarantee programs.
Low interest loans. Under the SBA's disaster loan program, low-interest economic injury loans would be made available in order to provide operating capital in case the departure of a reservist causes economic harm.
Small Business Development Center technical assistance. The legislation further directs the SBA and its Small Business Development Center facilities to reach out to small businesses affected when military reservists are called to active duty.
