# 119-s-1047: Assisting Small Businesses Not Fraudsters Act

119-s-1047, Assisting Small Businesses Not Fraudsters Act, is a 119th Congress bill sponsored by Sen. Young, Todd [R-IN] (R-IN); status in_committee; PRIA reads it as touching household money (as of 2026-09-10).

- Canonical: https://policyrisk.com/legislation/119-s-1047
- As of: 2026-09-10
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 119-s-1047
- Congress: 119
- Title: Assisting Small Businesses Not Fraudsters Act
- Status: in_committee
- Introduced: 2025-03-13
- Sponsor: Sen. Young, Todd [R-IN] (R-IN)
- Cosponsors: 2
- Policy area: Commerce
- Touches household money: yes
- Last recorded action: 2026-09-10

## Summary

**Blocks convicted financial fraudsters from receiving Small Business Administration (SBA) financial aid** and extends that ban to small businesses tied to those people, while carving out certain COVID-era 7(b) assistance. The bill would define who counts as an "associate" and limit the rule to agreements made after the law takes effect. - Individuals convicted of crimes involving financial misconduct or false statements related to covered SBA loans or grants would be ineligible for any SBA financial assistance except for section 7(b) pandemic relief. - A small business that has an associate subject to that prohibition would also be barred from SBA assistance, with the same 7(b) exception. - "Associate" would include officers, directors, owners of more than 20% equity, key employees, entities 20% owned or controlled by such persons, and parties in control or controlled by the small business, but would exclude licensed Small Business Investment Companies. Covered assistance would include certain section 7 loans and specified pandemic-era grants, and the rule would apply only to contracts and agreements made after enactment.

## Cosponsors (2)

- Sen. Ernst, Joni [R-IA] (R-IA), 2025-03-27T00:00:00.000Z
- Sen. McCormick, David [R-PA] (R-PA), 2026-08-04T00:00:00.000Z

## Provisions PRIA read

- Tighter small business aid rules for fraud convictions: cost, high. The bill would bar the SBA from giving most financial help to any associate finally convicted of financial misconduct or a false statement about a covered loan or grant. A small business with such an associate would also lose eligibility. Financial help under section 7(b) would still be allowed. A…
- More associates and awards fall under ban: cost, medium. The bill would define who counts as an "associate." It would include officers, directors, owners of more than 20%, key employees, and people or firms that control or are controlled by the business. Licensed small business investment companies would be excluded. It would also define which awards are…

## Related bills

- 119-s-4952: Protecting American Taxpayers Act
- 119-s-4378: Protecting American Taxpayers Act
- 119-s-1748: Kids Online Safety Act
- 119-s-1541: SHIPS for America Act of 2025
- 119-s-3597: National Quantum Initiative Reauthorization Act of 2026
- 119-s-3752: SAVE America Act

## Sources
- [119-s-1047 on Congress.gov](https://www.congress.gov/bill/119th-congress/senate-bill/1047)

## Related
- [119-s-4952: Protecting American Taxpayers Act](https://policyrisk.com/legislation/119-s-4952)
- [119-s-4378: Protecting American Taxpayers Act](https://policyrisk.com/legislation/119-s-4378)
- [119-s-1748: Kids Online Safety Act](https://policyrisk.com/legislation/119-s-1748)
- [119-s-1541: SHIPS for America Act of 2025](https://policyrisk.com/legislation/119-s-1541)
- [119-s-3597: National Quantum Initiative Reauthorization Act of 2026](https://policyrisk.com/legislation/119-s-3597)
- [119-s-3752: SAVE America Act](https://policyrisk.com/legislation/119-s-3752)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/119-s-1047 (as of 2026-09-10).