July 28, 2023
Fraud Friday – Ernst Introduced a Bill to Return All Dollars Lost to “SBA Fast Fraud Drive-Thru”
“Ex-cons, gang members, and drug traffickers – oh my! SBA’s fast fraud, made to order, allowed criminals to go on COVID spending sprees while thousands of deserving businesses in Iowa were left to fend for themselves,” Ernst told the Daily Caller before introducing the legislation. “Instead of asking, ‘would you like fries with that,’ SBA should be focused on recovering ALL our wasted tax dollars.”
Senator Joni Ernst of Iowa announced a bill that would prevent the estimated $200 billion in PPP and EIDL from going uncollected. The “Strengthening Taxpayer Recoveries Act” would also extend to the Restaurant Revitalization Fund and Shuttered Venues Operators Grant programs. The bill will require the SBA to go after all COVID funds disbursed to every fraudster with no limitations on the size of the loan.
If the bill passes, her legislation will extend and expand the jurisdiction of the Special Inspector General for Pandemic Recovery. The SBA Administrator would be required to provide data and information for all the covered programs to the Special Inspector General in the same manner as the SBA Inspector General.
Any claims for collection related to loans under $100,000 will be referred to the Department of Treasury. The Treasury will then render a final decision as to suspend, end, or make collections on the claim.