On Thursday, the U.S. Senate Committee on Small Business and Entrepreneurship advanced a bill led by U.S. Senators Todd Young (R-Ind.) and Joni Ernst (R-Iowa) to crack down on fraudsters.
The Assisting Small Businesses Not Fraudsters Act would prevent criminals convicted of defrauding the Small Business Administration (SBA) from receiving future assistance from the agency.
"Covid-era programs meant to support small businesses were repeatedly taken advantage of by fraudsters, depriving businesses of much-needed relief. I'm leading this effort to ensure that those convicted of defrauding the SBA will no longer be able to access future financial assistance from taxpayers," said Senator Young.
“After the previous administration failed to pursue pandemic fraud, we are making up for lost time by holding criminals accountable,” said Senator Ernst.
The bill now heads to the full Senate for consideration.
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