Veteran-Owned Small Business Contracting Fairness Act of 2010 - Amends the Small Business Act to authorize (current law requires) a federal contract opportunity to be awarded on the basis of competition restricted to qualified HUBZone (historically underutilized business zone) small businesses if the contracting officer reasonably believes that at least two qualified HUBZone small businesses will submit offers and the award can be made at a fair market price.
Prohibits a business from being included in a database maintained by the Secretary of Veterans Affairs (VA) of small businesses owned and controlled by veterans or service-disabled veterans (for purposes of participation in a federal procurement contract program) until the Secretary verifies that the business is owned and controlled by veterans or service-disabled veterans.
Subjects to certain penalties any person misrepresenting the status of a business as a small business owned and controlled by service-disabled veterans in order to obtain a federal procurement contract or subcontract.