Preventing SBA Assistance from Going to China Act

Bill: 116-hr-8497
Sponsor: full_name: Rep. Smith, Jason [R-MO-8]
Introduced: 2020-10-01
Policy area: Commerce
Subjects: Administrative law and regulatory procedures

Asia

China

Corporate finance and management

Foreign and international corporations

Securities

Small Business Administration

Small business

U.S. and foreign investments
Latest action: action_date: 2020-10-01
text: Referred to the House Committee on Small Business.

Summaries:
action_date: 2020-10-01
action_desc: Introduced in House
text: <p><b>Preventing SBA Assistance from Going to China Act </b> </p> <p>This bill prohibits the Small Business Administration from providing aid, counsel, or assistance to a small business concern that (1) is headquartered in China, or (2) has more than 25% of voting stock owned by citizens of China. </p>

tv_txt: I 116th CONGRESS 2d Session H. R. 8497 IN THE HOUSE OF REPRESENTATIVES October 1, 2020 Mr. Smith of Missouri introduced the following bill; which was referred to the Committee on Small Business A BILL To prohibit certain business concerns from receiving assistance from the Small Business Administration, and for other purposes.

1. Short title This Act may be cited as the Preventing SBA Assistance from Going to China Act . 2. Prohibition on affiliation with the People’s Republic of China (a) In general Section 3(a) of the Small Business Act ( 15 U.S.C. 632(a) ) is amended by adding at the end the following: (10) Prohibition on affiliation with the people’s republic of china For purposes of this Act, a small business concern may not— (A) be headquartered in the People’s Republic of China; or (B) have more than 25 percent of the voting stock of the small business concern owned by affiliates that are citizens of the People’s Republic of China. . (b) Regulations and guidance The Administrator of the Small Business Administration shall amend the regulations and guidance of the Administration, including sections 120.100, 120.110, and 121.105 of title 13, Code of Federal Regulations, to carry out the amendment made by this Act.