Friday, February 18, 2011

Topic: Small Business Loans

Small Business Loans

In 2010 Congress passed a law "HR-5297 Small Business Jobs Act of 2010" that contains this provision:
(2) SEX OFFENSE CERTIFICATION- With respect to funds received by a participating State under the Program, any private entity that receives a loan, a loan guarantee, or other financial assistance using such funds after the date of the enactment of this Act shall certify to the participating State that the principals of such entity have not been convicted of a sex offense against a minor (as such terms are defined in section 111 of the Sex Offender Registration and Notification Act (42 U.S.C. 16911)).
Accordingly, any person with such a conviction may not obtain a SBA loan. However, that does not prohibit -such person's- family, friends, or others persons from obtaining such a loan.

There is no prohibition, that I know of, that prevents -a person with such a conviction- from working for a small business that has obtained a SBA loan according to SBA Rules.

Now, in addition that very same bill contained another VERY ODD provision, it is:
(d) Prohibition on Pornography- None of the funds made available under this title may be used to pay the salary of any individual engaged in activities related to the Program who has been officially disciplined for violations of subpart G of the Standards of Ethical Conduct for Employees of the Executive Branch for viewing, downloading, or exchanging pornography, including child pornography, on a Federal Government computer or while performing official Federal Government duties.
This provision only applies to the government workers mentioned. But what has confused me is, it includes "Child Pornography" and implies -by the wording- that such a employee may continue to be employed by the government.

Since it does not apply to former sex offenders, I'll leave this for others to decide further application of that provision.

The SBA website is HERE and you might find more information there.

For now, have a great day and a better tomorrow.
eAdvocate (BACK to the Top Page)

1 comment:

Anonymous said...

Well, this answers my question on getting start up capital from the SBA. So much for self employment in this direction.