Indiana Republican Senator Todd Young is advocating for the passage of a bill that aims to prevent fraudsters from taking advantage of the system and to support small businesses. The senator spoke on the Senate floor in support of his Assisting Small Businesses, Not Fraudsters Act, which is included in the Protecting American Taxpayers Act from Sen. Joni Ernst (R-Iowa).

Legislation Details

According to Sen. Young, over 1.2 million Hoosiers are employed by small businesses, which he considers the backbone of the modern economy. The proposed legislation would bar individuals convicted of defrauding certain COVID-era Small Business Administration loan and grant programs from receiving future SBA financial assistance.

Sen. Young emphasized that the principle behind his bill is simple: if someone is convicted of defrauding the Small Business Administration through certain COVID-era loan or grant programs, they should not be eligible to receive future financial assistance from the Small Business Administration. He believes that honest, hard-working entrepreneurs and small business owners should not have to compete with convicted fraudsters for federal opportunities.

Original reporting: 93.1 WIBC (Indianapolis) — read the source article.