Assisting Small Businesses Not Fraudsters Act
In committeeAssisting Small Businesses Not Fraudsters Act 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.
Feb 25, 2025Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
Passed
The Assisting Small Businesses Not Fraudsters Act aims to prevent individuals convicted of defrauding the government from receiving assistance from the Small Business Administration. It amends the Small Business Act to define eligibility criteria and exceptions for financial assistance. The bill focuses on ensuring that government aid is not misused by those with a history of financial misconduct.