"Chairwoman Velázquez on SBA OIG’s Management Alert on Fraud Potential in EIDL Program"
Summary
A statement dated July 29, 2020 from Washington, D.C., in which House Small Business Committee Chairwoman Nydia M. Velázquez (D-NY) responds to an SBA Office of the Inspector General Management Alert on the potential for fraud and abuse in the COVID-19 Economic Injury Disaster Loan (EIDL) program. She says she is troubled by the OIG report and that the issues it raised must be addressed immediately. The statement describes EIDL as distributing billions of dollars in emergency loans and advance grants and as essential for long-term working capital. Velázquez says she will work with the SBA to enhance internal controls in the program and protect taxpayer funds. The statement adds that in the past month the Committee had two separate hearings with SBA, one focused on the EIDL program.
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Full text
Chairwoman Velázquez on SBA OIG’s Management Alert on Fraud Potential in EIDL Program July 29, 2020 Washington, D.C.— Today, House Small Business Committee Chairwoman Nydia M. Velázquez (D-NY) released the following statement in response to a new Small Business Administration (SBA) Office of the Inspector General (OIG) Management Alert raising concerns regarding the potential for fraud and abuse in the COVID-19 Economic Injury Disaster Loan (EIDL) program: “I am troubled by yesterday’s SBA OIG report that raised red flags regarding the management of the EIDL program. These issues must be addressed immediately. EIDL has been a vital lifeline for small businesses throughout this crisis, distributing billions of dollars in emergency loans and advance grants. As the pandemic stretches on, EIDL will be essential to supplying the long-term working capital necessary to help Main Street businesses stay afloat. I will continue to work with the SBA to enhance internal controls in the program and establish the means to ensure that taxpayer funds are protected. In the past month, the Committee has held two separate hearings with SBA, with one specifically focused on issues within the EIDL program. This Committee will hold the SBA to a high standard and ensure that relief reaches the small businesses that need it.”
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