The House Small Business Committee is investigating the Small Business Administration (SBA) for mismanagement, particularly in the wake of revelations about significant fraud in COVID-era assistance programs. The SBA Inspector General estimated $200 billion in fraud within two such programs, yet according to the Government Accountability Office (GAO), no SBA employees were terminated in response. Discussions in Congress have highlighted the need for action to address approximately $80 billion in fraud related to the Employee Retention Credit (ERC), with suggestions that inaction could further increase national debt. Lawmakers, including those on the House Small Business Committee and the House Subcommittee on the Coronavirus Crisis, emphasized the importance of the SBA implementing 100% of GAO's recommendations to prevent future fraud. The SBA has started referring delinquent Covid disaster loans, with balances of up to $100,000, totaling as much as $20 billion, to the Treasury Department for collection.
The SBA has begun referring as much as $20 billion in delinquent Covid disaster loans with balances of $100,000 or less to the Treasury Department for collection https://t.co/R8aJGOz4XY What a boondoggle. Another example of a too generous program that attracted scammers.
US seeks collection on up to $20B in delinquent COVID loans to small businesses, nonprofits https://t.co/kGVDIPxBHz https://t.co/quLf5nUDHu
The SBA has begun referring as much as $20 billion in delinquent Covid disaster loans with balances of $100,000 or less to the Treasury Department for collection https://t.co/UbobsG09Vb
On @HSBCDems, we work with @USGAO & other entities to prevent waste, fraud, & abuse at @SBAGov. Over the last 4 years, @SBAIsabel has implemented 100% of @USGAO's recommendations – ensuring that the SBA can effectively protect & support small businesses. Thank you, @SBAIsabel! https://t.co/o4SCEQycL1
Today, during my questioning of the @USGAO, I delved into the actions the Small Business Administration (SBA) must take to prevent further fraud within their programs. The Biden Administration needs to take their responsibility to protect taxpayer funds seriously. If genuine… https://t.co/YdZb635Lij
Today, during my questioning of the U.S. Government Accountability Office, I delved into the actions the Small Business Administration (SBA) must take to prevent further fraud within their programs. The Biden Administration needs to take their responsibility to protect taxpayer… https://t.co/yhPs2DILgP
How many opportunities does Congress get to easily knock out ~$80 billion in fraud? Inaction on the ERC means the debt will increase https://t.co/VHieBzKV44
The SBA Inspector General estimated that there was $200 billion in fraud in two COVID-era assistance programs. According to the Government Accountability Office, nobody at SBA was fired. The lack of consequences for shackling the American people with this debt is unacceptable. https://t.co/SJcsHgfDPk
🚨 Hearing alert! @HouseSmallBiz is investigating mismanagement at the SBA and working to hold them accountable. You can tune in here to learn more about our work to empower job creators, rather than bureaucrats: https://t.co/BbfrSBCjSX