Preventing SBA Assistance from Going to China Act of 2023

Bill: 118-s-1372
Sponsor: full_name: Sen. Rubio, Marco [R-FL]
Introduced: 2023-04-27
Policy area: Commerce
Latest action: action_date: 2023-04-27
text: Read twice and referred to the Committee on Small Business and Entrepreneurship.

Summaries:
action_date: 2023-04-27
action_desc: Introduced in Senate
text: <p><b>Preventing SBA Assistance from Going to China Act </b> <b>of 2023</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 118th CONGRESS 1st Session S. 1372 IN THE SENATE OF THE UNITED STATES April 27, 2023 Mr. Rubio 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 2023 . 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.