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Luetkemeyer: Full House Passes Bipartisan Legislation to Combat Fraud and Abuse within PPP and EIDL Program
WASHINGTON, D.C. – Yesterday, the U.S. House of Representatives passed legislation introduced by House Small Business Committee Ranking Member Blaine Luetkemeyer (R-MO) and House Committee on Small Business Chairwoman Nydia Velazquez (D-NY). These bills extend the statute of limitations for fraud cases involving the Paycheck Protection Program (PPP) and COVID-19 Economic Injury Disaster Loan (EIDL) program.
“As the only standing Committee with the sole jurisdiction over the Small Business Administration, it is our responsibility to provide rigorous oversight over the ongoing fraud, mismanagement, and abuse of emergency relief funds. Fraudulent actors are robbing the American taxpayer and taking necessary resources away from struggling small businesses. Both bills allow investigators time to locate and hold fraudulent actors accountable. I am pleased with the bipartisanship on these two pieces of legislation and look forward to working with my colleagues across the aisle to combat this fraud and abuse,” said Ranking Member Luetkemeyer.
Background:
H.R. 7352 – The PPP and Bank Fraud Enforcement Harmonization Act of 2022 – sponsored by Chairwoman Velazquez and Ranking Member Luetkemeyer.
“As the only standing Committee with the sole jurisdiction over the Small Business Administration, it is our responsibility to provide rigorous oversight over the ongoing fraud, mismanagement, and abuse of emergency relief funds. Fraudulent actors are robbing the American taxpayer and taking necessary resources away from struggling small businesses. Both bills allow investigators time to locate and hold fraudulent actors accountable. I am pleased with the bipartisanship on these two pieces of legislation and look forward to working with my colleagues across the aisle to combat this fraud and abuse,” said Ranking Member Luetkemeyer.
Background:
H.R. 7352 – The PPP and Bank Fraud Enforcement Harmonization Act of 2022 – sponsored by Chairwoman Velazquez and Ranking Member Luetkemeyer.
- To ensure fraud made by fintech lenders is treated appropriately and for prosecutors to have the time to bring justice to all fraudulent actors under the PPP, H.R. 7352 extends the statute of limitations for all loans, no matter the type of lender, out to 10-years.
- To ensure law enforcement has the time to investigate all EIDL fraud, H.R. 7334 extends the statute of limitations for all COVID EIDL loan and grant fraud to 10-years