1. Short title
This Act may be cited as the “Fair Chance for Small Business Relief Act”.
Fair Chance for Small Business Relief Act
A BILL
To amend the Small Business Act to ensure that applicants with a criminal record are eligible for certain loans, and for other purposes.
2. Eligibility for certain loans for applicants with a criminal record
General business loans— Section 7(a)(1)(B) of the Small Business Act (15 U.S.C. 636(a)(1)(B)) is amended to read as follows:
“(B) Criminal history—The Administrator may not decline to provide a guarantee for a loan made under this subsection solely on the basis that an otherwise eligible applicant, or a person with any equity stake in the eligible applicant—
“(i) is on probation or on parole;
“(ii) is presently subject to an indictment, criminal information, arraignment, or other means by which formal criminal charges are brought in any jurisdiction; or
“(iii) has been arrested or convicted of any crime.”
Economic injury disaster loans— The flush matter following subparagraph (E) of section 7(b)(2) of the Small Business Act (15 U.S.C. 636(b)(2)) is amended by striking the period at the end and inserting the following: “: Provided further, That for purposes of this paragraph, the Administrator may not decline to provide a loan or guarantee under this subsection solely on the basis that an otherwise eligible applicant, or a person with any equity stake in the eligible applicant, is on probation or on parole, is presently subject to an indictment, criminal information, arraignment, or other means by which formal criminal charges are brought in any jurisdiction, or has been arrested or convicted of any crime.”.