What does Preamble of Assisting Small Businesses Not Fraudsters Act do?

This Act aims to prohibit individuals convicted of defrauding the Government from receiving Small Business Administration assistance The Act has been referred to the Committee on Small Business and Entrepreneurship

What does SHORT TITLE. of Assisting Small Businesses Not Fraudsters Act do?

This bill is formally titled the Assisting Small Businesses Not Fraudsters Act

What does ASSISTANCE PROHIBITED AFTER FRAUD CONVICTION. of Assisting Small Businesses Not Fraudsters Act do?

This section amends the Small Business Act to prohibit financial assistance from the Administrator to individuals and small business concerns under certain circumstances. An individual associated with a small business concern who is finally convicted of a crime involving financial misconduct or a false statement related to a covered loan or grant becomes ineligible for financial assistance. Small business concerns with such an individual as an associate also become ineligible for financial assistance. The definition of 'associate' includes officers, directors, owners, key employees, and entities with significant ownership or control. A 'covered loan or grant' includes loans made under specific sections of the Small Business Act and grants made under the American Rescue Plan Act and the Economic Aid to Hard-Hit Small Businesses Act. A 'finally convicted' person is one whose conviction is either no longer appealable or has completed the appeals process. This prohibition does not apply to contracts or agreements entered into by the government before the enactment of this Act.

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Assisting Small Businesses Not Fraudsters Act

Last updated: 2/25/2025 · Introduced: 1/28/2025

Author: Roger Williams (R-TX)

TL;DR (AI)

This bill amends the Small Business Act to disqualify individuals convicted of financial misconduct or making false statements related to specific government loans or grants from receiving future Small Business Administration assistance.
Small business concerns associated with individuals convicted of such crimes also become ineligible for financial assistance from the Small Business Administration.
The prohibition applies to convictions that are final and does not affect existing government contracts or agreements.

119th Congresspassed houseS. 1047(In Committee)Official page

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Other Sections

Includes provisions on preamble, short title., and 1 more.

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