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Assisting Small Businesses Not Fraudsters Act
S. 1047 To prohibit individuals convicted of defrauding the Government from receiving any assistance from the Small Business Administration, and for other purposes.
Summary
- Prohibits individuals finally convicted of financial misconduct or making false statements related to covered Small Business Administration loans or grants from receiving any SBA financial assistance, except for certain emergency loans.
- Prohibits small business concerns from receiving SBA financial assistance if they have an associate who has been finally convicted of such financial crimes, with the same exception for emergency loans.
- Defines "associate" to include officers, directors, owners of more than 20 percent equity, key employees, entities controlled by these individuals, and other individuals or entities in control of the business.
- Applies the prohibition to convictions related to specific pandemic relief programs, including Paycheck Protection Program loans, Restaurant Revitalization grants, and Shuttered Venue Operators grants.
- Applies only to convictions that have completed the appeals process and does not affect agreements entered into before the law's enactment.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Sen. Young, Todd [R-IN] (R-IN)
2 cosponsors
- Sen. Ernst, Joni [R-IA] (R-IA)
- Sen. McCormick, David [R-PA] (R-PA)
Actions (5)
- Apr 1, 2025 Placed on Senate Legislative Calendar under General Orders. Calendar No. 36. · senate
- Apr 1, 2025 Committee on Small Business and Entrepreneurship. Reported by Senator Ernst without amendment. Without written report. · senate
- Mar 27, 2025 Committee on Small Business and Entrepreneurship. Ordered to be reported without amendment favorably. · senate
- Mar 13, 2025 Read twice and referred to the Committee on Small Business and Entrepreneurship. · senate
- Mar 13, 2025 Introduced in Senate
More bills on these subjects (8)
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Similar bills (6)
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Text versions (2)
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Full text
IN THE SENATE OF THE UNITED STATES
March 13, 2025
Mr. Young (for himself and Ms. Ernst) introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship
April 1 (legislative day, March 31), 2025
Reported by Ms. Ernst, without amendment
A BILL
To prohibit individuals convicted of defrauding the Government from receiving any assistance from the Small Business Administration, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Assisting Small Businesses Not Fraudsters Act”.
SEC. 2. ASSISTANCE PROHIBITED AFTER FRAUD CONVICTION.
(a) In General.—Section 16 of the Small Business Act (15 U.S.C.
645) is amended by adding at the end the following new subsection:
“(h) Financial Assistance Prohibition.—
“(1) In general.—An associate of a small business concern who is finally convicted of any crime involving or relating to financial misconduct or a false statement with respect to a covered loan or grant shall be ineligible to receive any financial assistance from the Administrator, other than financial assistance under section 7(b).
“(2) Business concerns.—A small business concern that has as an associate an individual subject to paragraph (1) shall be ineligible to receive any financial assistance from the Administrator, other than financial assistance under section 7(b).
“(3) Definitions.—In this subsection:
“(A) Associate.—The term ‘associate’ means, with respect to a small business concern—
“(i) an officer, director, or owner of more than 20 percent of the equity of, or a key employee of, such small business concern;
“(ii) any entity not less than 20 percent owned or controlled by one or more individuals referred to in clause (i); and
“(iii) any other individual or entity in control of or controlled by such small business concern, except for a licensed small business investment company (as defined in section 103(3) of the Small Business Investment Act of 1958 (15 U.S.C. 662(3))).
“(B) Covered loan or grant.—The term ‘covered loan or grant’ means—
“(i) a loan made under—
“(I) paragraph (36) or (37) of section 7(a); or
“(II) section 7(b) in response to the COVID-19 pandemic; or
“(ii) a grant made under—
“(I) section 5003 of the American Rescue Plan Act of 2021 (15 U.S.C. 9009c); or
“(II) section 324 of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (15 U.S.C. 9009a).
“(C) Finally convicted.—The term ‘finally convicted’ means, with respect to a person, that such person has been convicted of an offense and such conviction—
“(i) has not been appealed and is no longer appealable because the time for taking an appeal has expired; or
“(ii) has been appealed and the appeals process for such conviction is completed.”.
(b) Applicability.—Subsection (h) of section 16 of the Small Business Act (15 U.S.C. 645), as added by subsection (a) of this section, shall not apply to any contract or other agreement entered into by the Government prior to the date of the enactment of this Act. Calendar No. 36
119th CONGRESS
1st Session
S. 1047
A BILL
To prohibit individuals convicted of defrauding the Government from receiving any assistance from the Small Business Administration, and for other purposes.
April 1 (legislative day, March 31), 2025
Reported without amendment
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