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Sen. Rubio unveils bill to ban SBA & treasury loans for Chinese firms

WASHINGTON, DC - MARCH 22: Sen. Marco Rubio (R-FL) talks about bipartisan legislation to create "red flag" gun law during a news conference at the U.S. Capitol March 22, 2018 in Washington, DC. The law would make it possible for a judge to place a restraining order on a person's gun ownership if there is evidence that he or she has become a danger to themselves or others. (Photo by Chip Somodevilla/Getty Images)

WASHINGTON, DC - MARCH 22:  Sen. Marco Rubio (R-FL) talks about bipartisan legislation to create "red flag" gun law during a news conference at the U.S. Capitol March 22, 2018 in Washington, DC. The law would make it possible for a judge to place a restraining order on a person's gun ownership if there is evidence that he or she has become a danger to themselves or others.  (Photo by Chip Somodevilla/Getty Images)

WASHINGTON, DC – MARCH 22: Sen. Marco Rubio at the U.S. Capitol March 22, 2018 in Washington, D.C. (Photo by Chip Somodevilla/Getty Images)

OAN Newsroom
UPDATED 2:42 PM PT – Thursday, March 25, 2021

A group of Republican senators put forth legislation to crack down on Chinese companies tied to the Communist Party.

Sen. Marco Rubio (R-Fla.) introduced the bill to prevent Small Business Administration funds from going to Chinese citizens as part of economic stimulus efforts.

The bill would halt SBA loans from going to companies that are headquartered in Mainland China and have more than 25 percent of their stock in the hands of Chinese citizens.

WASHINGTON, DC - DECEMBER 17:  Sen. Marco Rubio (R-FL) reacts to U.S. President Barack Obama's announcement about revising policies on U.S.-Cuba relations on December 17, 2014 in Washington, DC. Rubio called the President a bad negotiator and criticized what he claimed was a deal with no democratic advances for Cuba.  (Photo by T.J. Kirkpatrick/Getty Images)

WASHINGTON, DC – DECEMBER 17: Sen. Marco Rubio on December 17, 2014 in Washington, D.C. (Photo by T.J. Kirkpatrick/Getty Images)

 

Rubio said SBA funds must support American businesses, instead of reinforcing the unfair advantage of Chinese firms.

“The new administration has unfairly and unnecessarily restricted eligible businesses and nonprofits from applying. It’s created confusion,” Rubio stated. “People came to the conclusion that it was being used arbitrarily to give priority to politically favored groups. So all this amendment does is it prohibits the Small Business Administration from setting up any new set asides beyond those that this Congress on a bipartisan basis already created.”

According to Horizon Advisory, at least 125 companies owned and controlled by China received SBA and treasury loans amounting to $419 million. Rubio said this must stop.

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