S. 1047 is a bill designed to prevent individuals convicted of defrauding the government from receiving financial help from the Small Business Administration. Specifically, the bill amends the Small Business Act to prohibit these individuals, as well as any business...
Simple Explanation
S. 1047 is a plan to stop people who have tricked the government from getting help from a group that supports small businesses. It also says who counts as a friend or partner of a small business, and this rule won't change deals made before it starts.