1. Short title
This Act may be cited as the “Preventing SBA Assistance from Going to China Act of 2019”.
Preventing SBA Assistance from Going to China Act of 2019
A BILL
To prohibit certain business concerns from receiving assistance from the Small Business Administration, and for other purposes.
2. Prohibition on affiliation with the People's Republic of China
In general— Section 3(a) of the Small Business Act (15 U.S.C. 632(a)) is amended by adding at the end the following:
“(10) Prohibition on affiliation with the People's Republic of China—For purposes of this Act, a small business concern may not—
“(A) be headquarted in the People's Republic of China; or
“(B) have more than 25 percent of the voting stock of the small business concern owned by affiliates that are citizens of the People's Republic of China.”
Regulations and guidance— The Administrator of the Small Business Administration shall amend the regulations and guidance of the Administration, including sections 120.100, 120.110, and 121.105 of title 13, Code of Federal Regulations, to carry out the amendment made by this Act.