H.R. 825: Assisting Small Businesses Not Fraudsters Act

This bill, titled the Assisting Small Businesses Not Fraudsters Act, aims to prevent individuals who have been convicted of committing fraud against the government from obtaining financial assistance from the Small Business Administration (SBA).

Key Provisions

• Ineligibility for Financial Assistance:
  • Definition of Associate: The term "associate" is defined broadly to include:
    • Officers, directors, or owners of more than 20% of the business.
    • Key employees of the business.
    • Entities at least 20% owned or controlled by any of the above individuals.
    • Any other individual or entity in control of or by the small business, excluding licensed small business investment companies.
  • Covered Loans and Grants:
    • The bill specifies what types of loans and grants are covered. These include loans made under certain sections of the Small Business Act and grants from specific acts like the American Rescue Plan Act of 2021.
  • Finally Convicted:
    • The term "finally convicted" refers to individuals whose conviction has either not been appealed or has gone through the complete appeals process without overturning the conviction.
  • Applicability: The provisions regarding ineligibility will not apply to contracts or agreements made by the government prior to the enactment of this Act.

  Overall Objective

  The main objective of this bill is to ensure that individuals or businesses that have committed fraud against the government do not have access to government financial assistance programs designed to support small businesses.

  Relevant Companies

  None found

  This is an AI-generated summary of the bill text. There may be mistakes.