In one of her first actions as Chair of the U.S. Senate Committee on Small Business and Entrepreneurship Jeanne Shaheen wants SBA’s Inspector General to continue and expand its work of identifying and collecting fraudulent PPP and EIDL loans.
Shaheen writes, “Unfortunately, many unscrupulous actors viewed our collective commitment to help deserving small businesses as an opportunity to defraud the American taxpayer.
“While the vast majority of fraud occurred in the early days of the pandemic, the hard work of tracking down those who took advantage of these relief programs will take years to accomplish.”
SBA’s OIG has been instrumental in collecting more than $13 billion in recoveries.
“OIG has been a leader in the fight against COVID-era fraud and has shown that it can deliver impressive results with the limited resources available to it.
“We have seen that its rate of return on investment is substantial and that the dollars it receives are put to productive use.
“But beyond the simple matter of making good on Congress’s investment in COVID program enforcement, our support for OIG also sends an important message to those who would consider taking advantage of lifelines like PPP, EIDL and SVOG in the future.
“While we will never waiver in supporting the nation’s small businesses in a time of crisis, we are equally determined to punish those who would shamelessly and opportunistically defraud the American taxpayer.”
The full text of the letter can be found here.