Fast-track passage of the “Assisting Small Businesses Not Fraudsters Act” (HR 825)

The bill

Assisting Small Businesses Not Fraudsters Act

Topic: Commerce

What the bill does

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.

Source: Congressional Research Service summary

Bill on congress.gov(opens in a new tab)