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Senate committee advances bill to bar pandemic fraudsters from future SBA aid amid worries about ‘associate’ definition
Summary
The Senate Committee on Small Business and Entrepreneurship favorably reported S.1047, the Assisting Small Businesses, Not Fraudsters Act, after sponsor Senator Young described the bill and Ranking Member Markey withdrew two amendments while flagging concerns about an overbroad definition of “associate” and lifetime bans on access to SBA aid.
The Senate Committee on Small Business and Entrepreneurship on a motion by the chair reported S.1047, the Assisting Small Businesses, Not Fraudsters Act, favorably out of committee. The bill would bar individuals or businesses associated with those convicted of financial misconduct tied to the Small Business Administration’s pandemic programs from receiving SBA assistance, with an exception for disaster loans.
Senator Young, the bill’s sponsor, told the committee the legislation is “commonsensical” and said the measure “prohibits an individual or a business that, that individual is associated with from receiving assistance from the Small Business Administration if they were convicted of financial…
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