Preventing SBA Assistance from Going to China Act of 2023

This bill prohibits U.S. Small Business Administration (SBA) assistance - including loans and grants - from being provided to small business concerns headquartered in China or with more than 25% of their voting stock owned by Chinese-affiliated entities. It directly affects small businesses seeking SBA support by barring eligibility based on specific China ties. The law amends the Small Business Act to establish these eligibility criteria and requires the SBA to update its regulations to implement the new rules. The key provision sets a 25% ownership threshold for Chinese affiliates as a disqualifier for SBA programs.