Bars anyone finally convicted of financial fraud involving certain COVID-era Small Business Administration loans or grants, and the businesses they are tied to, from receiving most new SBA financial assistance.

• Makes an officer, director, owner holding more than 20 percent equity, or key employee ineligible for SBA financial assistance after a final conviction for financial misconduct or false statements tied to a covered COVID-era loan or grant
• Extends the same ineligibility to a small business that has such an individual as an associate, and to entities at least 20 percent owned or controlled by them
• Covers loans under section 7(a)(36) and 7(a)(37) and COVID-19 disaster loans under section 7(b), plus grants under the American Rescue Plan Act and the Economic Aid to Hard-Hit Small Businesses Act
• Does not apply to contracts or agreements the Government entered into before the date of enactment

• Small Business Committee (House)
• Small Business and Entrepreneurship Committee (Senate)

Commerce