Military Reservist and Veteran Small Business Reauthorization and Opportunity Act of 2008

Military Reservist and Veteran Small Business Reauthorization and Opportunity Act of 2008 - Title I: Veterans Business Development - (Sec. 101) Increases funding (with an offset), for FY2008-FY2009, for the Office of Veterans Business Development of the Small Business Administration (SBA). Expresses the sense of Congress that excess amounts for such Office should be used to support veterans business outreach centers.

(Sec. 102) Amends the Small Business Act to direct the President to establish an interagency task force to coordinate federal efforts to improve capital and business development opportunities for, and ensure achievement of the pre-established federal contracting goals for, small businesses owned and controlled by service-disabled veterans and veterans.

(Sec. 103) Extends permanently the SBA's Advisory Committee on Veterans Business Affairs.

(Sec. 104) Directs the SBA's Associate Administrator for Veterans Business Development to: (1) ensure that veterans business outreach centers regularly participate in the workshops of the transition assistance program of the Department of Labor; and (2) compile information on existing resources available to women veterans for business training. Allows a veterans business outreach center to provide grants to entities to make presentations on opportunities available from the SBA for recently separating or separated veterans. Requires implementation reports from the Associate Administrator to Congress.

(Sec. 105) Increases the number of veterans business outreach centers by at least two for each of FY2008 and FY2009, and by the number considered appropriate by the Administrator for each fiscal year thereafter.

(Sec. 106) Requires the Administrator to: (1) sponsor an independent study on gaps in the availability of veterans business outreach centers across the United States; and (2) report to Congress on study results.

(Sec. 107) Authorizes a small business development center to apply for a grant to carry out a veterans assistance and services program to: (1) promote awareness of the services of the center that are available to veterans; (2) use online counseling and distance learning technology to overcome impediments to entrepreneurship faced by veterans and members of the Armed Forces; and (3) increase coordination among organizations that assist veterans.

Title II: Reservist Programs - (Sec. 201) Extends the date by which a small business that has suffered or is likely to suffer substantial economic injury as the result of an essential employee being called or ordered to active duty may apply to the SBA for a disaster loan to one year (current law allows 90 days) after the essential employee is discharged or released from such duty. Authorizes the Administrator, when considered appropriate, to extend such period by up to one additional year. Directs the Administrator to: (1) establish a loan pre-consideration process for loans to small businesses with key employee reservists; and (2) develop an outreach and technical assistance program with respect to loans and grants made to small businesses employing such reservists. Requires a semiannual report from the Administrator to Congress on the status of the outreach and technical assistance program.

(Sec. 202) Requires the Administrator and the Secretary of Defense to develop a joint website and printed materials providing information regarding any program for small businesses that is available to veterans or reservists. Authorizes the Administrator to advertise and market SBA reservist programs.

(Sec. 203) Authorizes the Administrator to make noncollateralized small business loans of up to $50,000 to small businesses suffering the loss of essential employee reservists.

(Sec. 204) Directs the Administrator to give a priority to loan applications involving essential employee reservists.

(Sec. 205) Provides relief from SBA time limits in the case of loans made to small businesses owned and controlled by veterans: (1) called to active duty on or after September 11, 2001; or (2) who became service-disabled due to an injury or illness incurred or aggravated during active duty on or after such date. Extends such relief for the period in which the veteran served on active duty. Makes such relief inapplicable to programs subject to the Federal Credit Reform Act of 1990.

(Sec. 206) Directs the Comptroller General (CG) to report to the small business committees on types of assistance needed by service-disabled veterans who wish to become entrepreneurs.

(Sec. 207) Requires the CG to: (1) study options for promoting positive working relations between employers and their reservist employees; and (2) report study results to the defense and small business committees.

(Sec. 208) Directs the Administrator to establish and carry out a two-year pilot program under which the Administrator shall reduce by 50% the fees for loans made to small businesses owned and controlled by veterans or reservists (veteran participation loans). Authorizes the Administrator to waive the fee reduction in certain cases. Requires a pilot program report from the CG to the small business committees.