Preventing SBA Assistance from Going to China Act of 2021

Bill: 117-s-993
Sponsor: full_name: Sen. Rubio, Marco [R-FL]
Introduced: 2021-03-25
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: 2021-03-25
text: Read twice and referred to the Committee on Small Business and Entrepreneurship.

Summaries:
action_date: 2021-03-25
action_desc: Introduced in Senate
text: <p><b>Preventing SBA Assistance from Going to China Act of 2021</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: II 117th CONGRESS 1st Session S. 993 IN THE SENATE OF THE UNITED STATES March 25, 2021 Mr. Rubio (for himself, Ms. Ernst , and Mr. Kennedy ) introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship 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 of 2021 . 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.