EXCLUSIVE — Rep. Cory Mills (R-FL) is reintroducing legislation to prevent the federal government from giving financial assistance to companies based in China or with at least 25% Chinese ownership.
“Businesses linked financially or politically to the Chinese Communist Party will not see a single dollar of relief from the U.S. government,” a spokesperson for Mills said in a statement to the Washington Examiner. “The communist regime’s emboldened actions are a threat to our nation and fiscal security. The CCP is not just challenging our economic interests; they’re actively working to create instability in global markets.”
The bill’s reintroduction comes as President Donald Trump seeks to limit China’s influence in the United States and world, having slapped China with a new 10% tariff.
The Preventing SBA Assistance from Going to China Act would amend the Small Business Act to ensure that the Small Business Administration doesn’t send any funding to Chinese-owned businesses.
“The SBA must prioritize American-owned businesses that create jobs, drive local economies, and expand opportunities,” Mills told the Washington Examiner. “I am committed to strengthening small businesses in Florida’s 7th Congressional District and across the nation.”
Mills first introduced the bill in October 2024, and it was originally cosponsored by Reps. Gregory Steube (R-FL), Daniel Webster (R-FL), Randy Weber (R-TX), Clay Higgins (R-LA), and Scott DesJarlais (R-TN).
During the height of the coronavirus pandemic, a study uncovered that the Paycheck Protection Program, which was overseen by the SBA, had provided between $192 million to $419 million in financial relief to more than 125 companies owned or invested in by Chinese entities. This was made possible since American subsidiaries of foreign firms were allowed to receive the loans.
CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
A California-based biotech company called Dendreon Pharmaceuticals, which is owned by Nanjing Xinbai, a Chinese state-invested company with close ties to the Chinese Communist Party, received a loan worth between $5 million to $10 million. The discovery was made by the strategy consulting firm Horizon Advisory.
“The extent and nature of [People’s Republic of China]-owned, -invested and -connected entities among the P.P.P. loan recipients indicate that without appropriate policy guardrails, U.S. tax dollars intended for relief, recovery and growth of the U.S. economy — and small businesses in particular — risk supporting foreign competitors, namely China,” wrote Emily de La Bruyère and Nathan Picarsic, the co-founders of the consulting firm.
