1. Short title This Act may be cited as the Family Farm and Small Business Exemption Act . 2. Exempting family farms and small businesses from assets under the Higher Education Act of 1965 (a) In general Section 480(f)(2) of the Higher Education Act of 1965 ( 20 U.S.C. 1087vv ), as amended by section 702(l)(2) of the FAFSA Simplification Act (title VII of division FF of Public Law 116–260 ; 134 Stat. 3163), is further amended— (1) by striking net value of the and inserting the following: net value of— (A) the ; (2) by striking the period at the end and inserting a semicolon; and (3) by adding at the end the following: (B) a family farm on which the family resides; or (C) a small business with not more than 100 full-time or full-time equivalent employees (or any part of such a small business) that is owned and controlled by the family. . (b) Effective date The amendments made by subsection (a) shall take effect as if included in the FAFSA Simplification Act (title VII of division FF of Public Law 116–260 ) and subject to the effective date of section 701(b) of such Act, as amended by section 102(a) of the FAFSA Simplification Act Technical Corrections Act (division R of Public Law 117–103 ) (including the authorization provided under section 102(c)(1)(A) of such Act).