Protecting Business Opportunities for Veterans Act of 2014 - Extends subcontracting limitations that apply to certain small businesses awarded contracts under various Small Business Administration (SBA) programs (requirements under the Small Business Act limit the amount that such small businesses may expend on subcontractors) to small business concerns owned and controlled by veterans with or without service-connected disabilities who are awarded contracts of the Department of Veterans Affairs (VA).
Requires, for purposes of applying such subcontracting limitations to veterans with small businesses awarded such VA contracts, that: (1) small businesses owned and controlled by veterans be treated in the same manner as small businesses owned and controlled by veterans with service-connected disabilities, and (2) "similarly situated entity" be defined as a subcontractor for a small business owned and controlled by a veteran with or without a service-connected disability (contract amounts expended by small businesses on subcontractors that are similarly situated entities are not considered toward subcontracting limits).
Directs the Secretary of Veterans Affairs, upon awarding such a contract, to obtain a certification from the offeror that specifies the performance requirements and acknowledges that the certification is subject to criminal laws concerning false or fraudulent statements or representations. Subjects small businesses to fines, imprisonment, or both for not acting in good faith.
Requires the VA's Director of the Office of Small and Disadvantaged Business Utilization and the VA's Chief Acquisition Officer to: (1) establish a process to monitor compliance with this Act, and (2) refer violations to the VA Inspector General. Directs the Inspector General to submit annual reports to Congress regarding such violations.