On the recordJune 7, 2022
I thank the ranking member, Mr. Luetkemeyer, for his leadership on this bill and in committee. The EIDL program, Madam Speaker, was established to deliver relief to struggling small businesses during the pandemic. This is why I rise today in support of H.R. 7334. Unlike the public-private partnership that was Paycheck Protection Program, the EIDL program was a direct loan program administered by the SBA, not in partnership with private lenders. The SBA's inspector general has estimated that there is approximately $84.4 billion in potential fraudulent EIDL activity, over 20 percent of all EIDL loans extended. With this massive level of potential fraud, it is imperative that this House passes Ranking Member Luetkemeyer's bill to extend the current 5-year statute of limitations for SBA grants and loans to 10 years. In doing so we can allow for authorities to investigate the egregious amount of potential fraud in the EIDL program and ensure accountability for those who took advantage of the EIDL program to defraud the American people. Madam Speaker, I note that this bill had strong bipartisan support and passed out of the Small Business Committee by voice vote last month. I urge my colleagues to support this important legislation.
