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Luetkemeyer introduces EIDL oversight bill in response to SBA OIG's alarming fraud reports
WASHINGTON, D.C. – Today, House Committee on Small Business Ranking Member Blaine Luetkemeyer (MO-03) introduced the Economic Injury Disaster Loan (EIDL) Oversight Act of 2021 in response to the SBA Office of Inspector General's alarming report released on May 6, 2021, highlighting the numerous ways in which the SBA's EIDL program is ripe with fraud. This legislation is cosponsored by all Committee Republicans.
The EIDL Oversight Act of 2021 requires vigorous oversight of the SBA’s EIDL program and its grant offerings to ensure that taxpayer dollars are not spent frivolously and small businesses, our nation’s economic engine, receive the assistance they need while getting back on their feet.
As of May 6, 2021, the EIDL program and its grant offerings delivered over $220 billion in funding to small businesses. However, the program has been plagued with waste, fraud, and abuse. Reports from the SBA’s Inspector General and the U.S. Government Accountability Office have continuously raised concerns about the SBA’s oversight controls.
"Last month, I called upon the SBA to release further information on the OIG's alarming reports of identity theft within the EIDL program, and I have received no response," said Ranking Member Luetkemeyer. "Enough is enough. As small businesses across the country are working tirelessly to get back on their feet, it is our duty to ensure their taxpayer dollars are safeguarded from waste and fraud. I urge my colleagues to swiftly pass this legislation, so we can ensure the American worker is protected from this abuse."
The EIDL Oversight Act of 2021 requires vigorous oversight of the SBA’s EIDL program and its grant offerings to ensure that taxpayer dollars are not spent frivolously and small businesses, our nation’s economic engine, receive the assistance they need while getting back on their feet.
As of May 6, 2021, the EIDL program and its grant offerings delivered over $220 billion in funding to small businesses. However, the program has been plagued with waste, fraud, and abuse. Reports from the SBA’s Inspector General and the U.S. Government Accountability Office have continuously raised concerns about the SBA’s oversight controls.
"Last month, I called upon the SBA to release further information on the OIG's alarming reports of identity theft within the EIDL program, and I have received no response," said Ranking Member Luetkemeyer. "Enough is enough. As small businesses across the country are working tirelessly to get back on their feet, it is our duty to ensure their taxpayer dollars are safeguarded from waste and fraud. I urge my colleagues to swiftly pass this legislation, so we can ensure the American worker is protected from this abuse."
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