This bill prohibits individuals convicted of certain financial crimes from receiving assistance from the Small Business Administration (SBA).
Specifically, the bill prohibits individuals who have been convicted of a crime involving financial misconduct or a false statement with respect to certain COVID-19 loans (e.g., Paycheck Protection Program loans, Restaurant Revitalization Fund grants, and Shuttered Venue Operators grants) from receiving any financial assistance from the SBA (other than a disaster loan).
The prohibition includes SBA assistance to small businesses that have an owner, officer, director, or key employee who has been convicted of such a crime.
Introduced in House
Introduced in House
Referred to the House Committee on Small Business.
Committee Consideration and Mark-up Session Held
Ordered to be Reported by the Yeas and Nays: 22 - 0.
Reported by the Committee on Small Business. H. Rept. 118-219.
Reported by the Committee on Small Business. H. Rept. 118-219.
Placed on the Union Calendar, Calendar No. 178.
Mr. Williams (TX) moved to suspend the rules and pass the bill.
Considered under suspension of the rules. (consideration: CR H5917-5919)
DEBATE - The House proceeded with forty minutes of debate on H.R. 5427.
Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H5917)
On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H5917)
Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
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