It has cleared committee and can be brought up at any time, though no date is set.
CommerceCredit and credit marketsCriminal investigation, prosecution, interrogationFraud offenses and financial crimesGovernment lending and loan guaranteesSmall business
Why This Matters
This bill prevents anyone convicted of defrauding the government from getting financial support from the Small Business Administration.
If you are convicted of fraud against the government, you will lose access to Small Business Administration funds.
Who this affects
Individuals · Small businesses
What changes is this bill making?
1Individuals convicted of defrauding the government cannot receive financial help from the Small Business Administration.
2Small businesses with convicted associates will also be ineligible for this assistance.
3This law targets crimes related to financial misconduct and false statements about loans or grants.
4The prohibition applies to various types of loans and grants, especially those related to the COVID-19 pandemic.
5The law does not affect agreements made before this bill becomes law.
