To amend the Small Business Act to include surviving children in the definition of small business concern owned and controlled by service-disabled veterans, and for other purposes.

This bill proposes to amend the Small Business Act to expand the definition of a small business concern owned and controlled by service-disabled veterans . Specifically, it allows a business to maintain this designation even after the death of a service-disabled veteran owner, provided certain conditions are met. This ensures continuity for businesses that might otherwise lose their status. Under the proposed changes, if a surviving child (defined as a biological or legally adopted child) acquires the deceased veteran's ownership interest, the business can retain its status. This temporary allowance is valid for a period beginning on the date of the veteran's death and ending either when the child relinquishes ownership or three years after the veteran's death, whichever comes first. The business must also have been listed in the relevant federal database prior to and during this period.