"Chairwoman Velázquez on GAO Report Detailing Risks of Fraud, Lack of Oversight, and Obstruction in PPP Loans"
Summary
A statement dated June 25, 2020 released by House Small Business Committee Chairwoman Nydia M. Velázquez (D-NY) in response to a new Government Accountability Office (GAO) report on the Trump Administration's handling of PPP loans. Velázquez says the report found the Administration failed to issue proper guidance for small business loans and conduct oversight, exposing the program to fraud. She repeats calls for an immediate and comprehensive release of data on loan recipients. The statement also objects to the SBA's refusal to comply with GAO's multiple requests for information.
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Chairwoman Velázquez on GAO Report Detailing Risks of Fraud, Lack of Oversight, and Obstruction in Trump Administration’s Handling of PPP Loans June 25, 2020 Washington, D.C.—House Small Business Committee Chairwoman Nydia M. Velázquez (D-NY) released the following statement in response to a new Government Accountability Office (GAO) report, which found that the Trump Administration’s mishandling of small business relief aid puts taxpayer funding in jeopardy. “As our nation continues to reel from the suffering and economic damage inflicted by this Administration’s botched response to the COVID-19 pandemic, today’s GAO report lays bare new findings of mishandling and negligence. Instead of implementing the CARES Act as Congress intended, the Administration failed to issue proper guidance for small business loans and conduct oversight, exposing the program to fraud and putting hard-earned taxpayer dollars on the line. This mismanagement of taxpayer funds should expedite the calls that my colleagues and I have made repeatedly for an immediate and comprehensive release of data on loan recipients. “I am further troubled by the SBA’s refusal to comply with GAO’s multiple requests for information. Preventing a government watchdog from completing a timely investigation and delivering accountability to Congress and the American people is unacceptable. “The American people deserve answers. If today’s report makes one thing clear, it is the need for transparency and accountability. Administration officials must answer that call.”
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