Assisting Small Businesses Not Fraudsters Act
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Commerce
Rep. Williams, Roger [R-TX-25] (R) — TX
Summary
This bill prohibits individuals convicted of certain financial crimes from receiving assistance from the Small Business Administration (SBA).
Specifically, the bill prohibits individuals who have been convicted of a crime involving financial misconduct or a false statement with respect to certain COVID-19 loans (e.g., Paycheck Protection Program loans, Restaurant Revitalization Fund grants, and Shuttered Venue Operators grants) from receiving any financial assistance from the SBA (other than a disaster loan).
The prohibition includes SBA assistance to small businesses that have an owner, officer, director, or key employee who has been convicted of such a crime.
Legislative subjects
Commerce; Credit and credit markets; Criminal investigation, prosecution, interrogation; Fraud offenses and financial crimes; Government lending and loan guarantees; Small business
Latest action
Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
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