This bill prohibits the Small Business Administration (SBA) from providing assistance to companies that are headquartered in China or where Chinese citizens or entities own more than 25 percent of the voting stock. The legislation is designed to prevent U.S. government small business loans, grants, and other support programs from benefiting businesses with significant Chinese ownership or control. The bill requires the SBA to update its regulations and guidance to implement these restrictions. The measure affects small business owners seeking SBA assistance and was introduced in October 2024 but does not specify any new funding or implementation timeline beyond requiring regulatory updates.
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