Bars people finally convicted of financial misconduct or false statements tied to certain COVID-era SBA loans or grants, and the businesses linked to them, from receiving most SBA financial assistance.

• Makes individuals finally convicted of financial misconduct or false statements tied to covered SBA loans or grants ineligible for SBA financial assistance, other than assistance under section 7(b).
• Extends the same ineligibility to small businesses that have a convicted individual as an officer, director, owner of more than 20 percent of equity, key employee, or closely linked entity.
• Covers loans under section 7(a)(36) and (37) and section 7(b) COVID-19 loans, plus grants under the American Rescue Plan Act and the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act.
• Does not apply to contracts or other agreements the Government entered into before the date of enactment.

• Small Business and Entrepreneurship Committee (Senate)

Commerce