Preventing SBA Assistance from Going to China Act of 2021

II 117TH CONGRESS 1ST SESSION S. 993 To prohibit certain business concerns from receiving assistance from the Small Business Administration, and for other purposes. IN THE SENATE OF THE UNITED STATES MARCH 25, 2021 Mr. RUBIO (for himself, Ms. ERNST, and Mr. KENNEDY) introduced the fol- lowing bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship A BILL To prohibit certain business concerns from receiving assist- ance from the Small Business Administration, and for other purposes. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Preventing SBA As- 4 sistance from Going to China Act of 2021’’. 5 VerDate Sep 11 2014 22:43 Apr 18, 2021 Jkt 019200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S993.IS S993 kjohnson on DSK79L0C42PROD with BILLS 2 •S 993 IS SEC. 2. PROHIBITION ON AFFILIATION WITH THE PEOPLE’S 1 REPUBLIC OF CHINA. 2 (a) IN GENERAL.—Section 3(a) of the Small Busi- 3 ness Act (15 U.S.C. 632(a)) is amended by adding at the 4 end the following: 5 ‘‘(10) PROHIBITION ON AFFILIATION WITH THE 6 PEOPLE’S REPUBLIC OF CHINA.—For purposes of 7 this Act, a small business concern may not— 8 ‘‘(A) be headquartered in the People’s Re- 9 public of China; or 10 ‘‘(B) have more than 25 percent of the vot- 11 ing stock of the small business concern owned 12 by affiliates that are citizens of the People’s Re- 13 public of China.’’. 14 (b) REGULATIONS AND GUIDANCE.—The Adminis- 15 trator of the Small Business Administration shall amend 16 the regulations and guidance of the Administration, in- 17 cluding sections 120.100, 120.110, and 121.105 of title 18 13, Code of Federal Regulations, to carry out the amend- 19 ment made by this Act. 20 Æ VerDate Sep 11 2014 22:43 Apr 18, 2021 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\S993.IS S993 kjohnson on DSK79L0C42PROD with BILLS