Legis Daily

Assisting Small Businesses Not Fraudsters Act

USA119th CongressS-1047| Senate 
| Updated: 4/1/2025
Todd Young

Todd Young

Republican Senator

Indiana

Cosponsors (1)
Joni Ernst (Republican)

Small Business and Entrepreneurship Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
This bill amends the Small Business Act to establish new prohibitions on receiving financial assistance from the Small Business Administration (SBA). It targets individuals who have been finally convicted of crimes involving financial misconduct or false statements related to specific COVID-19 relief loans or grants. Such individuals, defined as "associates" of a small business, will be ineligible for most SBA financial assistance, excluding certain disaster loans. Furthermore, a small business concern will also be deemed ineligible for most SBA financial assistance if it has an associate who meets these conviction criteria. The bill specifically defines "covered loans or grants" to include Paycheck Protection Program (PPP) loans, Economic Injury Disaster Loans (EIDL) for COVID-19, and grants from the American Rescue Plan Act and the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act. This prohibition does not apply to contracts or agreements entered into before the bill's enactment date.

Bill Text Versions

View Text
2 versions available

Suggested Questions

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Timeline
Feb 25, 2025

Latest Companion Bill Action

HR 119-825
Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
Mar 13, 2025
Introduced in Senate
Mar 13, 2025
Read twice and referred to the Committee on Small Business and Entrepreneurship.
Mar 27, 2025
Committee on Small Business and Entrepreneurship. Ordered to be reported without amendment favorably.
Apr 1, 2025
Committee on Small Business and Entrepreneurship. Reported by Senator Ernst without amendment. Without written report.
Apr 1, 2025
Placed on Senate Legislative Calendar under General Orders. Calendar No. 36.
  • February 25, 2025

    Latest Companion Bill Action

    HR 119-825
    Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.


  • March 13, 2025
    Introduced in Senate


  • March 13, 2025
    Read twice and referred to the Committee on Small Business and Entrepreneurship.


  • March 27, 2025
    Committee on Small Business and Entrepreneurship. Ordered to be reported without amendment favorably.


  • April 1, 2025
    Committee on Small Business and Entrepreneurship. Reported by Senator Ernst without amendment. Without written report.


  • April 1, 2025
    Placed on Senate Legislative Calendar under General Orders. Calendar No. 36.

Commerce

Related Bills

  • HR 119-825: Assisting Small Businesses Not Fraudsters Act
Credit and credit marketsCriminal investigation, prosecution, interrogationFraud offenses and financial crimesGovernment lending and loan guaranteesSmall business

Assisting Small Businesses Not Fraudsters Act

USA119th CongressS-1047| Senate 
| Updated: 4/1/2025
This bill amends the Small Business Act to establish new prohibitions on receiving financial assistance from the Small Business Administration (SBA). It targets individuals who have been finally convicted of crimes involving financial misconduct or false statements related to specific COVID-19 relief loans or grants. Such individuals, defined as "associates" of a small business, will be ineligible for most SBA financial assistance, excluding certain disaster loans. Furthermore, a small business concern will also be deemed ineligible for most SBA financial assistance if it has an associate who meets these conviction criteria. The bill specifically defines "covered loans or grants" to include Paycheck Protection Program (PPP) loans, Economic Injury Disaster Loans (EIDL) for COVID-19, and grants from the American Rescue Plan Act and the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act. This prohibition does not apply to contracts or agreements entered into before the bill's enactment date.

Bill Text Versions

View Text
2 versions available

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Feb 25, 2025

Latest Companion Bill Action

HR 119-825
Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
Mar 13, 2025
Introduced in Senate
Mar 13, 2025
Read twice and referred to the Committee on Small Business and Entrepreneurship.
Mar 27, 2025
Committee on Small Business and Entrepreneurship. Ordered to be reported without amendment favorably.
Apr 1, 2025
Committee on Small Business and Entrepreneurship. Reported by Senator Ernst without amendment. Without written report.
Apr 1, 2025
Placed on Senate Legislative Calendar under General Orders. Calendar No. 36.
  • February 25, 2025

    Latest Companion Bill Action

    HR 119-825
    Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.


  • March 13, 2025
    Introduced in Senate


  • March 13, 2025
    Read twice and referred to the Committee on Small Business and Entrepreneurship.


  • March 27, 2025
    Committee on Small Business and Entrepreneurship. Ordered to be reported without amendment favorably.


  • April 1, 2025
    Committee on Small Business and Entrepreneurship. Reported by Senator Ernst without amendment. Without written report.


  • April 1, 2025
    Placed on Senate Legislative Calendar under General Orders. Calendar No. 36.
Todd Young

Todd Young

Republican Senator

Indiana

Cosponsors (1)
Joni Ernst (Republican)

Small Business and Entrepreneurship Committee

Commerce

Related Bills

  • HR 119-825: Assisting Small Businesses Not Fraudsters Act
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Credit and credit marketsCriminal investigation, prosecution, interrogationFraud offenses and financial crimesGovernment lending and loan guaranteesSmall business