The bill would require the House Small Business Committee to investigate fraud within the SBA’s COVID-19 pandemic relief programs. It would require the SBA’s inspector general to submit quarterly reports to Congress on updates on the ongoing Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) fraud investigations, according to the bill’s press release.
“First of all, we’re all sick of fraud. We’re sick of seeing people cheat, lie, steal — these mobs that run into stores and steal — we’re sick of it,” Bean said. “I don’t want it swept under the rug.”
He continued, “We want our money back and to all these fraudsters, we’re coming after you.”
Bean explained that the testimony from SBA officials hinted that the administration was only going to go after big frauds, but it was discovered that one in five of the loans given were suspected to be fraud.
“What it does is put fraud on the front burner where it says, ‘We’re not going to forget about it,'” he said.