Press release from Congressman Chris Collins:
U.S. Representative Chris Collins (NY-27) reintroduced the Denying Chinese Investors Access to U.S. Small Business Aid bill.
The bill would prevent citizens of the People’s Republic of China, who own a business, from accessing assistance offered by the Small Business Administration (SBA). U.S. Senator Marco Rubio (R-FL) reintroduced the Senate companion bill late last week.
“SBA programs should be focusing on helping small business owners in communities like Western New York, and not aid companies whose profits go to China,” Collins said. “I am proud to join Senator Rubio to advance this important legislation once again to encourage job growth and support small businesses here in the United States.”
“Amidst rapid technological advances, shifting global economic trends, and rising foreign adversaries, we must fight to protect America’s small businesses,” Rubio said. “Our bill will protect small businesses from Chinese interference and encourage American entrepreneurs to innovate, thrive, and grow so that we can keep our economy competitive on the global stage.”
Current law permits SBA to provide assistance toward Chinese-owned business who legally operate in the United States and qualify as a small business. These businesses are allowed to obtain a federally guaranteed loan, surety bonds, research and development grants, or disaster loans.
The Denying Chinese Investors Access to U.S. Small Business Aid would prohibit SBA benefits from being given to businesses headquartered in China. Under this bill, a China-based business that operates in the United States or businesses with at least 25 percent of their voting stock owned by Chinese investors will no longer be able to benefit.