Assisting Small Businesses Not Fraudsters Act

Key Provisions

• Blocks individuals finally convicted of financial misconduct or false statements related to specific COVID-19 relief loans or grants from receiving most SBA financial help, with the exception of disaster loans (under section 7(b)).
• Blocks small businesses from receiving most SBA financial help if a key person (an "associate") has such a conviction, with the exception of disaster loans (under section 7(b)).
• Defines an "associate" to include officers, directors, owners of more than 20 percent of the business, or key employees.
• Lists specific COVID-19 relief programs, like certain PPP loans and EIDL loans, as "covered loans or grants."
• Clarifies that a conviction is "final" when all appeals are completed or the time to appeal has run out.