Press release:
Congressman Chris Jacobs (NY-27) has reintroduced the No Small Business Aid for China Act (H.R. 1138).
“China’s growing malign activities – including intellectual property theft, corporate espionage, and cyber-warfare – directly threaten Americans and our small businesses," Jacobs said.
"The authoritarian Chinese government asserts its influence over major Chinese businesses and executives with the intent of destroying U.S. competitors. As such, they should not be able to access funds specifically designed to support American small businesses."
Rep. Jacobs originally introduced the No Small Business Aid for China Act during the 116th Congress. The legislation would bar any company that is headquartered in the People’s Republic of China, has more than 25 percent of voting stock controlled by Chinese citizens, or is affiliated with human rights abuses in Xinjiang Province from accessing aid from the U.S. Small Business Administration.
“Since taking office, I have advocated for a stronger position to confront China," Jacobs said. "American small business aid should only support American small businesses – that has become even more clear during the COVID-19 pandemic when a third of New York small businesses have closed and more are on the verge of bankruptcy.
“I am committed to supporting our small businesses and ensuring that China cannot take advantage of the American economy at our expense.”
