TPA Supports House Passage of H.R. 4666 and H.R. 4667

Michael Mohr-Ramirez

November 28, 2023

WASHINGTON, D.C. – This week, the House of Representatives will consider H.R. 4666 from Rep. Aaron Bean and H.R. 4667 from Rep. Maria Salazar under suspension of the rules. TPA strongly supports these two pieces of legislation, both aimed at tracking fraudulent and unused funds authorized during the COVID-19 pandemic.

TPA President David Williams, commented:

“We commend Reps. Bean and Salazar for offering legislation to address rampant fraud, waste, and abuse of taxpayer dollars spent to combat the COVID-19 pandemic. In June 2023, the Small Business Administration found that at least 17 percent of all COVID-19 Economic Injury Disaster Loan (EIDL) and Paycheck Protection Program (PPP) funds were distributed to potentially fraudulent actors, totaling over $200 billion.

Rep. Bean’s H.R. 4666 would require the SBA Investigator General to submit quarterly reports on COVID-19 loan fraud. From March 2020 to May 2023, the SBA OIG has issued over 1,000 indictments, made over 800 arrests, and secured over 500 convictions relating to EIDL and PPP loan fraud. For Congress to provide effective oversight, the SBA must track and routinely report on fraud numbers.

A critical element to combatting long-term fraud is identifying and recouping unused PPP loans. Rep. Salazar’s RECLAIM Taxpayers Funds Act would require the SBA to issue guidance on how borrowers can return unused loans.

The House Committee on Small Business was right to advance these bills to the floor, and we urge members to support common-sense proposals to prevent waste, fraud, and abuse in COVID programs.”