All Roll Calls
Yes: 405 • No: 0
HR825119th CongressWALLET
Assisting Small Businesses Not Fraudsters Act
Sponsored By: Representative Williams (TX)
Passed House
Summary
Bars people convicted of certain COVID-era loan or other financial fraud from receiving Small Business Administration (SBA) financial assistance. It also makes businesses tied to those people ineligible while keeping disaster loan access intact.
Show full summary
- People with a "final" conviction for financial misconduct or a false statement about covered COVID-19 loans or grants cannot get SBA financial assistance, except for disaster loans under section 7(b). A "final" conviction means appeals are no longer possible or are complete.
- A small business is ineligible if it has an "associate" who is finally convicted. "Associate" covers officers, directors, key employees, owners with more than 20 percent equity, entities 20 percent owned by them, or others who control or are controlled by the business.
- The ban applies to new SBA financial assistance actions by the Administrator and does not affect contracts or agreements entered into before the law took effect.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 1 costs, 0 mixed.
Small-business aid ban after loan fraud
This bill would bar most SBA aid to any associate who is finally convicted of financial misconduct or lying about a covered COVID-19 loan or grant. A small business with that associate would also be ineligible. SBA disaster assistance under section 7(b) would still be allowed. "Associate" would include officers, directors, key employees, and owners of more than 20%, and entities they control; licensed small business investment companies are excluded. "Finally convicted" would mean after appeals are over, and contracts signed before enactment would not be affected.
Sponsors & CoSponsors
Sponsor
Williams (TX)
TX • R
Cosponsors
Mfume
MD • D
Sponsored 1/28/2025
Simon
CA • D
Sponsored 1/28/2025
Goodlander
NH • D
Sponsored 2/24/2025
Roll Call Votes
house vote • 2/24/2025
On Motion to Suspend the Rules and Pass
Yes: 405 • No: 0
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