This bill requires the Inspector General (IG) of the Small Business Administration (SBA) to send a report about fraud tied to certain COVID-19 small business loans. The IG must send the first report within 60 days after the law is enacted and then every 3 months. Each report must say: (1) how many covered loans were made and the total dollar amount; (2) the number of new fraud and suspected fraud cases; (3) the number of fraud cases resolved; and (4) the types of fraud in the new and resolved cases. "Covered loan" means SBA loans made under certain parts of section 7(a) or under section 7(b) that were made in response to COVID-19 during the CARES Act covered period. The reporting requirement ends two years after the law takes effect. The bill also states that no new money is authorized to carry out the law.
Congressional committees on small business will get regular reports from the SBA Inspector General about suspected and confirmed fraud involving specific COVID-related SBA loans. The reports start soon after enactment (within 60 days) and continue every three months for up to two years. The reports will include counts, dollar totals, and types of fraud for those covered loans.
The bill explicitly says no additional amounts are authorized to be appropriated to carry out this Act. No publicly available information on estimated costs or budget impacts is provided in the bill text or metadata.
No publicly available information.
No publicly available information.