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SBA Aid Ban for Government Fraud Convicts

New rules aim to protect taxpayer money by preventing individuals convicted of financial fraud against the government from receiving Small Business Administration (SBA) assistance. This means businesses with significant involvement from such individuals will also be ineligible for aid, aiming to prevent abuse and direct funds to honest entrepreneurs.
Key points
Individuals convicted of financial misconduct or false statements related to government loans or grants will be ineligible for SBA assistance.
Businesses with associates (officers, directors, owners of over 20% equity, or key employees) convicted of such fraud will also be ineligible for SBA aid.
The rules apply to specific COVID-19 related loans and grants, but not to agreements made before the law's enactment.
article Official text account_balance Process page
Placed on Calendar
Citizen Poll
No votes cast
Additional Information
Print number: 119_S_1047
Sponsor: Sen. Young, Todd [R-IN]
Process start date: 2025-03-13
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Summarized by: gemini-2.5-flash
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Assisting Small Businesses Not Fraudsters Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_S_1047.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2025-03-13.

What are the main provisions?

Key points include:

  • Individuals convicted of financial misconduct or false statements related to government loans or grants will be ineligible for SBA assistance.
  • Businesses with associates (officers, directors, owners of over 20% equity, or key employees) convicted of such fraud will also be ineligible for SBA aid.
  • The rules apply to specific COVID-19 related loans and grants, but not to agreements made before the law's enactment.
What is the specific legal status?

The current status is Placed on Calendar.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Young, Todd [R-IN].

What is the latest detailed status?

The latest detailed status is: Placed on Senate Legislative Calendar under General Orders. Calendar No. 36.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-23.

CATEGORIES

Economy Courts and Law