Summary#
This bill requires certain employees of the Small Business Administration (SBA) to sign a written certification before they work on loans. Starting 270 days after the bill becomes law, any SBA employee who will personally and substantially take part in originating, reviewing, or approving an SBA loan must certify in writing that:
- to their knowledge they do not have a conflict of interest prohibited by 18 U.S.C. 208 or 5 C.F.R. 2635.502 for that loan;
- if they learn later that they do have such a conflict, they will immediately tell their supervisor and stop working on the loan; and
- they understand the federal rules and SBA rules that apply to conflicts of interest for this work.
The SBA Administrator must issue regulations to put this requirement into effect within 180 days after the bill is enacted. The bill also defines “Administration” as the Small Business Administration and “Administrator” as the Administrator of the SBA.
What it means for you#
- If you are an SBA employee who will personally and substantially work on loan origination, review, or approval, you must sign the required written certification before participating.
- If you become aware of a prohibited conflict after signing, you must report it to your supervisor and recuse yourself from the loan.
- If you are an SBA loan applicant or member of the public, the bill text does not describe direct changes to loan terms or borrower processes.
- The SBA Administrator must write rules within 180 days to explain how these certifications will work.
Expenses#
No publicly available information on costs, budget effects, or funding for implementing this bill is included in the bill text.
Proponents' View#
No publicly available information on supporters' statements or arguments is included in the bill text or metadata provided.
Opponents' View#
No publicly available information on opponents' statements or arguments is included in the bill text or metadata provided.