Bill > S1047

This bill prohibits individuals and businesses from receiving financial assistance from the Small Business Administration (SBA) if they have been convicted of financial misconduct or making false statements related to specific COVID-19 pandemic-era loans and grants. The bill defines an "associate" as an officer, director, owner with more than 20% equity, key employee, or controlling entity of a small business. Specifically, if an associate is "finally convicted" (meaning their conviction is no longer appealable), both the individual and their associated small business will be ineligible for most SBA financial assistance, with the exception of disaster relief loans under section 7(b). The covered loans and grants include certain pandemic-related programs like Paycheck Protection Program loans and grants from the American Rescue Plan and Economic Aid to Hard-Hit Small Businesses Acts. The prohibition does not apply to government contracts or agreements entered into before the bill's enactment, ensuring that existing arrangements are not retroactively impacted. The bill aims to prevent fraud and protect government resources by barring those who have committed financial misconduct from accessing small business support programs.

Business and Industry

https://www.congress.gov/bill/119th-congress/senate-bill/1047/all-info