Fee waiver

(a) Small Business Act Section 7(a) of the Small Business Act (15 U.S.C. 636(a)) is amended— (1) in paragraph (18)— (A) in subparagraph (A), in the matter preceding clause (i), by striking With respect and inserting Except as provided in subparagraph (C), with respect; and (B) by adding at the end the following: (C) Exception (i) In general Notwithstanding subparagraph (A), the Administration may not collect a guarantee fee under subparagraph (A) with respect to a loan guaranteed under this subsection if— (I) the loan is not made under paragraph (36) or (37); (II) the loan is made to a small business concern owned by a veteran or spouse of a veteran; and (III) the deferred participation share of the total loan amount is not more than $1,000,000. (ii) Definition In this subparagraph, the term veteran or spouse of a veteran means— (I) a veteran; (II) an individual who is eligible to participate in the Transition Assistance Program established under section 1144 of title 10, United States Code; (III) a member of a reserve component of the Armed Forces named in section 10101 of title 10, United States Code; (IV) the spouse of an individual described in subclause (I), (II), or (III); or (V) the surviving spouse (as defined in section 101 of title 38, United States Code) of an individual described in subclause (I), (II), or (III) who died while serving on active duty or as a result of a disability that is service-connected (as defined in such section).; and (2) in paragraph (31)— (A) by striking subparagraph (G); and (B) by redesignating subparagraph (H) as subparagraph (G). (b) Small Business Investment Act of 1958 (1) In general Section 503 of the Small Business Investment Act of 1958 (15 U.S.C. 697) is amended— (A) in subsection (b)(7)— (i) by redesignating subparagraphs (A) and (B) as clauses (i) and (ii), respectively; (ii) by striking with respect and inserting (A) Except as provided in subparagraph (B), with respect; (iii) in clause (i)(II), as so redesignated, by striking clause (i) and inserting subclause (I); and (iv) by adding at the end the following: (B) Notwithstanding subparagraph (A), the Administration may not assess or collect any ongoing guarantee fee under subparagraph (A) with respect to a loan guaranteed under this title if the loan is made— (i) by the Administration; (ii) to a small business concern owned by a veteran or spouse of a veteran; and (iii) for not more than $1,000,000.; (B) in subsection (d)(3)— (i) by striking The Administration shall and inserting (A) Except as provided in subparagraph (B), the Administration shall; and (ii) by adding at the end the following: (B) Notwithstanding subparagraph (A), the Administration may not assess or collect any ongoing guarantee fee under subparagraph (A) with respect to a loan guaranteed under this title if the loan is made— (i) by the Administration; (ii) to a small business concern owned by a veteran or spouse of a veteran; and (iii) for not more than $1,000,000.; and (C) in subsection (i)— (i) by striking Two-Year Waiver of Fees —The and inserting the following: “ Waiver of Fees.— (1) Two-Year Waiver of Fees The; and (ii) by adding at the end the following: (2) Waiver of Fees for Veterans For a loan of not more than $1,000,000 made by the Administration to a small business concern that is owned by a veteran or spouse of a veteran, such small business concern shall be exempt from any up front guarantee fee, as detailed in section 120.971(d)(1) of title 13, Code of Federal Regulations, or any successor regulation.. (2) Conforming amendments The Small Business Investment Act of 1958 (15 U.S.C. 661 et seq.) is amended— (A) in section 103 (15 U.S.C. 662)— (i) in paragraph (19), by striking and at the end; (ii) in paragraph (20), by striking the period at the end and inserting; and; and (iii) by adding at the end the following: (21) the term veteran or spouse of a veteran means— (A) a veteran; (B) an individual who is eligible to participate in the Transition Assistance Program established under section 1144 of title 10, United States Code; (C) a member of a reserve component of the Armed Forces named in section 10101 of title 10, United States Code; (D) the spouse of an individual described in subparagraph (A), (B), or (C); or (E) the surviving spouse (as defined in section 101 of title 38, United States Code) of an individual described in subparagraph (A), (B), or (C) who died while serving on active duty or as a result of a disability that is service-connected (as defined in such section).; and (B) in section 503(b) (15 U.S.C. 697(b)), as amended by paragraph (1)— (i) in the matter preceding paragraph (1), by striking unless— and inserting unless the following criteria are met:; (ii) by striking the semicolon each place it appears and inserting a period; (iii) in paragraph (1), by striking such debenture and inserting Such debenture; (iv) in paragraph (2), by striking necessary and inserting Necessary; (v) in paragraph (3), by striking the interest rate and inserting The interest rate; (vi) in paragraph (4), by striking the aggregate and inserting The aggregate; (vii) in paragraph (5), by striking the amount and inserting The amount; and (viii) in paragraph (6)— (I) by striking the Administration and inserting The Administration; and (II) by striking and at the end.