House advances legislation extending efforts of PPP, EIDL-centered fraud investigations

The House of Representatives has advanced two bills that seek to extend efforts to address Paycheck Protection Program (PPP) and COVID-19 Economic Injury Disaster Loan (EIDL) program fraud.

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House Small Business Committee Ranking Member Blaine Luetkemeyer (R-MO) and House Committee on Small Business Chairwoman Nydia Velazquez (D-NY) introduced the PPP and Bank Fraud Enforcement Harmonization Act of 2022 (H.R. 7352) and the COVID-19 EIDL Fraud Statute of Limitations Act of 2022 (H.R. 7334).

The PPP and Bank Fraud Enforcement Harmonization Act of 2022 ensures prosecutors have time to bring fintech lender fraud offenders to justice by extending the statute of limitations for all loans, no matter the type of lender, to 10 years.

Additionally, the COVID-19 EIDL Fraud Statute of Limitations Act of 2022 extends the statute of limitations for all COVID EIDL loan and grant fraud to 10 years.

“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,” Luetkemeyer said. “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.”