Preventing SBA Assistance from Going to China Act of 2023

II 118TH CONGRESS 1ST SESSION S. 1372 To prohibit certain business concerns from receiving assistance from the Small Business Administration, and for other purposes. 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 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 2023’’. 5 SEC. 2. PROHIBITION ON AFFILIATION WITH THE PEOPLE’S 6 REPUBLIC OF CHINA. 7 (a) IN GENERAL.—Section 3(a) of the Small Busi- 8 ness Act (15 U.S.C. 632(a)) is amended by adding at the 9 end the following: 10 VerDate Sep 11 2014 23:57 May 04, 2023 Jkt 039200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S1372.IS S1372 kjohnson on DSK79L0C42PROD with BILLS 2 •S 1372 IS ‘‘(10) PROHIBITION ON AFFILIATION WITH THE 1 PEOPLE’S REPUBLIC OF CHINA.—For purposes of 2 this Act, a small business concern may not— 3 ‘‘(A) be headquartered in the People’s Re- 4 public of China; or 5 ‘‘(B) have more than 25 percent of the vot- 6 ing stock of the small business concern owned 7 by affiliates that are citizens of the People’s Re- 8 public of China.’’. 9 (b) REGULATIONS AND GUIDANCE.—The Adminis- 10 trator of the Small Business Administration shall amend 11 the regulations and guidance of the Administration, in- 12 cluding sections 120.100, 120.110, and 121.105 of title 13 13, Code of Federal Regulations, to carry out the amend- 14 ment made by this Act. 15 Æ VerDate Sep 11 2014 23:57 May 04, 2023 Jkt 039200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\S1372.IS S1372 kjohnson on DSK79L0C42PROD with BILLS