Joni Ernst

I do want to thank you as well for the letter that was sent back to Chairman Cardin and I.

I hope that this has been a one-off situation, but I think it is encouraging many of those institutions to go back and relook what their practices are.

A critical commitment I received from Mr. Syed is to prioritize fraud detection and prevention, which is among the greatest obstacles facing the SBA.

A primary focus of the agency should be to aid in the recovery of the more than $100 billion in fraudulent and improper loans made through the SBA COVID relief programs.

Fraud in ineligible firms were supposed to be flagged and recouped on the back end through the forgiveness process, yet the Biden administration has forgiven $754 billion, or 92 percent of all PPP loans.

Again, that raises concerns with me because we have had that 40-year moratorium, but as we are looking forward and we are talking about the different types of institutions that we will be opening the door for with the new rule, it really…

I think the SBA Express, you have brought that up a few times now, and you said that you have the data to justify the underwriting through SBA Express.

I do want to thank you as well for the letter that was sent back to Chairman Cardin and I.

Fraud in ineligible firms were supposed to be flagged and recouped on the back end through the forgiveness process, yet the Biden administration has forgiven $754 billion, or 92 percent of all PPP loans.

I do want to caution because I know we do hear from, if you look at the 504 program, those lenders do support the changes in the underwriting because it does help streamline and provide efficiency in their program.

We are concerned about the SBDCs and the field offices.

A critical commitment I received from Mr. Syed is to prioritize fraud detection and prevention, which is among the greatest obstacles facing the SBA.

I hope that this has been a one-off situation, but I think it is encouraging many of those institutions to go back and relook what their practices are.

When the credit market tightens we have historically seen a higher volume of SBA lending.

A primary focus of the agency should be to aid in the recovery of the more than $100 billion in fraudulent and improper loans made through the SBA COVID relief programs.

A lot of the proposals and laws that I hear about when I am out doing the 99-county tour... read like the Green New Deal.

We have seen a lot of spending, a lot of spending, and Iowans, you know, are feeling as if they have been thrown under the bus and not really seeing the benefit.

We have heard a lot about how the Administration really wants to support rural America, but bottom line, we are not seeing a lot of action so far.

I appreciate that, and thank you. I think it is important that we have support to some of these smaller, again, farmer-owned, operated facilities.

A lot of the proposals and laws that I hear about when I am out doing the 99-county tour... really reads like the Green New Deal.

I want to start my questions off by addressing the issues from the last Congress, and where so many of us got really concerned with some of the loans that were made.

I am truly honored, I am humbled, and excited to serve as Ranking Member of the Senate Small Business Committee.

I want to start my questions off by addressing the issues from the last Congress, and where so many of us got really concerned with some of the loans that were made.

I look forward to passing meaningful legislation that will support small businesses and allow them to do what they do best, which is to create jobs and support our local communities.

I am truly honored, I am humbled, and excited to serve as Ranking Member of the Senate Small Business Committee.