This bill would stop people who are finally convicted of crimes involving financial misconduct or false statements about certain loans or grants from getting most financial help from the Small Business Administration (SBA). It also would stop small businesses that have such a person as an "associate" from getting most SBA financial help. The bill lists who counts as an "associate" (for example, officers, directors, owners of more than 20% equity, key employees, or entities they control). It defines which loans and grants are covered, including certain SBA loan programs, loans or grants tied to the COVID-19 pandemic response, and specific grants in the American Rescue Plan Act and the Economic Aid to Hard-Hit Small Businesses Act. The bill lets people receive financial help under section 7(b) of the Small Business Act. It defines "finally convicted" to mean a conviction where appeal time has expired or the appeals process is complete. The rule does not apply to any contract or agreement the government entered into before the bill is enacted.
No publicly available information.
The sponsors introduced the bill to bar individuals who have been finally convicted of defrauding the Government or making false statements about covered loans or grants from receiving most SBA financial assistance, and to bar small businesses that have such individuals as associates from receiving that assistance.
No publicly available information.