Us Congress 2025-2026 Regular Session

Us Congress Senate Bill SB1047 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1	1		II
2		-	Calendar No. 36
3	2		119THCONGRESS
4	3		1
5	4		STSESSION S. 1047
6	5		To prohibit individuals convicted of defrauding the Government from receiving
7	6		any assistance from the Small Business Administration, and for other
8	7		purposes.
9	8		IN THE SENATE OF THE UNITED STATES
10	9		MARCH13, 2025
11	10		Mr. Y
12		-	OUNG(for himself and Ms. ERNST) introduced the following bill; which
13		-	was read twice and referred to the Committee on Small Business and En-
14		-	trepreneurship
15		-	A
16		-	PRIL1 (legislative day, MARCH31), 2025
17		-	Reported by Ms. E
18		-	RNST, without amendment
	11	+	OUNGintroduced the following bill; which was read twice and referred
	12	+	to the Committee on Small Business and Entrepreneurship
19	13		A BILL
20	14		To prohibit individuals convicted of defrauding the Govern-
21	15		ment from receiving any assistance from the Small Busi-
22	16		ness Administration, and for other purposes.
23	17		Be it enacted by the Senate and House of Representa-1
24	18		tives of the United States of America in Congress assembled, 2
25	19		SECTION 1. SHORT TITLE. 3
26	20		This Act may be cited as the ‘‘Assisting Small Busi-4
27	21		nesses Not Fraudsters Act’’. 5
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30		-	•S 1047 RS
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31	25		SEC. 2. ASSISTANCE PROHIBITED AFTER FRAUD CONVIC-1
32	26		TION. 2
33	27		(a) I
34	28		NGENERAL.—Section 16 of the Small Business 3
35	29		Act (15 U.S.C. 645) is amended by adding at the end the 4
36	30		following new subsection: 5
37	31		‘‘(h) F
38	32		INANCIALASSISTANCEPROHIBITION.— 6
39	33		‘‘(1) I
40	34		N GENERAL.—An associate of a small 7
41	35		business concern who is finally convicted of any 8
42	36		crime involving or relating to financial misconduct or 9
43	37		a false statement with respect to a covered loan or 10
44	38		grant shall be ineligible to receive any financial as-11
45	39		sistance from the Administrator, other than financial 12
46	40		assistance under section 7(b). 13
47	41		‘‘(2) B
48	42		USINESS CONCERNS.—A small business 14
49	43		concern that has as an associate an individual sub-15
50	44		ject to paragraph (1) shall be ineligible to receive 16
51	45		any financial assistance from the Administrator, 17
52	46		other than financial assistance under section 7(b). 18
53	47		‘‘(3) D
54	48		EFINITIONS.—In this subsection: 19
55	49		‘‘(A) A
56	50		SSOCIATE.—The term ‘associate’ 20
57	51		means, with respect to a small business con-21
58	52		cern— 22
59	53		‘‘(i) an officer, director, or owner of 23
60	54		more than 20 percent of the equity of, or 24
61	55		a key employee of, such small business 25
62	56		concern; 26
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66	60		‘‘(ii) any entity not less than 20 per-1
67	61		cent owned or controlled by one or more 2
68	62		individuals referred to in clause (i); and 3
69	63		‘‘(iii) any other individual or entity in 4
70	64		control of or controlled by such small busi-5
71	65		ness concern, except for a licensed small 6
72	66		business investment company (as defined 7
73	67		in section 103(3) of the Small Business In-8
74	68		vestment Act of 1958 (15 U.S.C. 662(3))). 9
75	69		‘‘(B) C
76	70		OVERED LOAN OR GRANT .—The 10
77	71		term ‘covered loan or grant’ means— 11
78	72		‘‘(i) a loan made under— 12
79	73		‘‘(I) paragraph (36) or (37) of 13
80	74		section 7(a); or 14
81	75		‘‘(II) section 7(b) in response to 15
82	76		the COVID–19 pandemic; or 16
83	77		‘‘(ii) a grant made under— 17
84	78		‘‘(I) section 5003 of the Amer-18
85	79		ican Rescue Plan Act of 2021 (15 19
86	80		U.S.C. 9009c); or 20
87	81		‘‘(II) section 324 of the Eco-21
88	82		nomic Aid to Hard-Hit Small Busi-22
89	83		nesses, Nonprofits, and Venues Act 23
90	84		(15 U.S.C. 9009a). 24
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94	88		‘‘(C) FINALLY CONVICTED.—The term ‘fi-1
95	89		nally convicted’ means, with respect to a per-2
96	90		son, that such person has been convicted of an 3
97	91		offense and such conviction— 4
98	92		‘‘(i) has not been appealed and is no 5
99	93		longer appealable because the time for tak-6
100	94		ing an appeal has expired; or 7
101	95		‘‘(ii) has been appealed and the ap-8
102	96		peals process for such conviction is com-9
103	97		pleted.’’. 10
104	98		(b) A
105	99		PPLICABILITY.—Subsection (h) of section 16 of 11
106	100		the Small Business Act (15 U.S.C. 645), as added by sub-12
107	101		section (a) of this section, shall not apply to any contract 13
108	102		or other agreement entered into by the Government prior 14
109	103		to the date of the enactment of this Act. 15
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113		-	36
114		-	119
115		-	TH
116		-	CONGRESS
117		-	1
118		-	ST
119		-	S
120		-	ESSION
121		-
122		-	S. 1047 A BILL
123		-	To prohibit individuals convicted of defrauding the
124		-	Government from receiving any assistance from
125		-	the Small Business Administration, and for other
126		-	purposes.
127		-	A
128		-	PRIL
129		-	1 (legislative day, M
130		-	ARCH
131		-	31), 2025
132		-	Reported without amendment
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