Rooting Out Fraud in Small-Business Relief Programs, Hearing Before the Select Subcommittee on the Coronavirus Crisis of the Committee on Oversight and Reform, House of Representatives, One Hundred Seventeenth Congress, First Session, March 25, 2021 [open pdf - 193KB]
This is the March 25, 2021 hearing on "Rooting Out Fraud in Small-Business Relief Programs," held before the U.S. House Select Subcommittee on the Coronavirus Crisis of the Committee on Oversight and Reform. From the opening statement of James E. Clyburn: "The Paycheck Protection Program, or PPP, and the Economic Injury Disaster Loan Program, or EIDL, have been essential lifelines for millions of small businesses harmed by the coronavirus pandemic. More than $1 trillion has been disbursed by these programs, with good reason given the scale of the crisis. [...] Unfortunately, the Trump administration failed to take basic steps to prevent fraud when it implemented these programs last year. Thanks to the work of this committee and our oversight partners, we now know that this failure led to nearly $84 billion in potential fraud, including $79 billion in potentially fraudulent EIDL loans and grants and $4.6 billion in PPP loans. That means billions in taxpayer dollars may not have reached the small businesses that most urgently needed support." Statements, letters, and materials submitted for the record include those of the following: Hannibal "Mike" Ware, Michael E. Horowitz. and William B. Shear.
Serial No. 117-12
U.S. Government Publishing Office: http://www.gpo.gov/