Main Street Monday – PPP and COVID-19 EIDL Fraud can be Prosecuted Until 2031-2032
August 8, 2022
Delaney Sexton
Contributing Editor
Main Street Monday – PPP and COVID-19 EIDL Fraud can be Prosecuted Until 2031-2032
“In June of this year, the chief prosecutor told Congress that it was essential, essential, to extend the statute of limitations for American pandemic fraud to ten years to make sure fraudsters can’t run out the clock. Congress acted, and today I’m signing two bipartisan bills that will give the federal and local prosecutors more time to hold criminals accountable for the fraud of the American people during a once-in-a-century pandemic,” says President Biden during his Remarks on the Biden Economic Agenda press conference.
On Friday, President Biden signed the Paycheck Protection Program and Bank Fraud Enforcement Harmonization Act and the COVID-19 Economic Injury Disaster Loan Fraud Statute of Limitations Act into law. The two laws officially establish a ten-year statute of limitations for fraud by borrowers under the PPP and COVID-19 EIDL programs.
With these laws, PPP fraud can be investigated and prosecuted into 2031, and COVID-19 EIDL fraud can be investigated and prosecuted into 2032.
“My message to those cheats out there is this: You can’t hide. We’re going to find you. We’re going to make you pay back what you stole and hold you accountable under the law,” continues President Biden.
“I have personally worked closely with Inspector General Hannibal Ware and our dedicated teams to ensure transparency and track down the people who abused these relief programs so they can be held accountable. This legislation extends the runway for those investigations and the prosecutions they support,” says SBA Administrator Isabella Casillas Guzman.
“I want to thank the bipartisan leadership in the House and Senate, including House Small Business Committee Chairwoman Nydia Velazquez and Ranking Member Blaine Luetkemeyer, for getting this legislation passed, and I am so pleased to stand with President Biden as he signs it into law,” continues Administrator Guzman.