To prohibit individuals convicted of defrauding the Government from receiving any assistance from the Small Business Administration, and for other purposes.

Hozzl · 2023-12-15T23:00:22Z

Explore the details of House Bill 5427 To prohibit individuals convicted of defrauding the Government from receiving any assistance from the Small Business Administration, and for other purposes. currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Commerce. Stay informed on legislative developments.

12/15/2023, 11:00 PM

Congressional Summary of HR 5427

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.

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Current Status of Bill HR 5427

Bill HR 5427 is currently in the status of Bill Introduced since September 13, 2023. Bill HR 5427 was introduced during Congress 118 and was introduced to the House on September 13, 2023. Bill HR 5427's most recent activity was Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship. as of November 29, 2023

Bipartisan Support of Bill HR 5427

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 5427

Primary Policy Focus

Commerce

Potential Impact Areas

- Credit and credit markets

- Criminal investigation, prosecution, interrogation

- Fraud offenses and financial crimes

- Government lending and loan guarantees

- Small business

Alternate Title(s) of Bill HR 5427

To prohibit individuals convicted of defrauding the Government from receiving any assistance from the Small Business Administration, and for other purposes.