Chairman Rubio Releases Statement on SBA Inspector General’s Initial Report on Suspected EIDL Fraud - Press Releases - U.S. Committee on Small Business & Entrepreneurship

Summary

Statement by Chairman Marco Rubio of the Senate Committee on Small Business and Entrepreneurship, dated October 28 in 2020, responding to the SBA Inspector General's initial report on the agency's COVID-19 disaster assistance response. The release says that in July Rubio commented on suspected EIDL fraud after the SBA IG issued a Management Advisory to the SBA. Rubio says that as Congress works toward additional COVID relief, the necessary safeguards must be in place to protect taxpayer dollars from fraud.

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Chairman Rubio Releases Statement on SBA Inspector General’s Initial Report on Suspected EIDL Fraud

October 28 , 2020

Miami, FL — U.S. Senator Marco Rubio (R-FL), Chairman of the Senate Committee on Small Business and Entrepreneurship, released the following statement after the U.S. Small Business Administration (SBA) Inspector General (IG) issued its initial report titled, “ Inspection of Small Business Administration’s Initial Disaster Assistance Response to the Coronavirus Pandemic ,” warning of fraudulent activity in the COVID-19 EIDL advance and loan program.

In July, Rubio commented on suspected EIDL fraud after the SBA IG issued a Management Advisory to the SBA. Recently, Rubio sent letters to JPMorgan Chase and Wells Fargo requesting further information on alleged EIDL fraud schemes.

“The initial Inspector General report on SBA’s COVID-19 Disaster Assistance highlights the alarming trend of fraud and abuse in the EIDL program, including in relation to the first-time EIDL advance grants,” Chairman Rubio said . "As Congress continues to work towards additional COVID relief, we must ensure the necessary safeguards are in place to protect taxpayer dollars from fraud.”

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