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Statement by SBA Administrator Guzman on Signing of Paycheck Protection Program and Bank Fraud Enforcement Harmonization Act and Loan Fraud Statute of Limitations Act in Case economic disaster related to COVID-19

Washington, Aug. 05, 2022 (GLOBE NEWSWIRE) — Today, Administrator Isabella Casillas Guzman, head of the US Small Business Administration (SBA) aand the voice of the 33 million small businesses in America in President Biden’s cabinet, issued the following statement at the signing of the Paycheck Protection Program and Bank Fraud Enforcement Harmonization Act and the COVID-19 Economic Injury Disaster Loan Fraud Statute of Limitations Act.

“America’s 33 million small businesses are giants of our economy and vital to communities across America. Thanks to the President’s leadership, America’s small business economy is open and growing. In the first year this administration, 5.4 million Americans have applied to start new businesses, 20% more than any other year on record. And their success is fueling our country’s economic recovery, supporting strong job creation and a historical unemployment.

“Millions of small business owners will tell you that PPP, COVID-EIDL, and other critical relief programs at the SBA were critical to their ability to reopen, rebuild and grow. President Biden pledged to put the funds in the hands of the companies he intended to serve. The SBA has course-corrected critical relief programs beset by challenges and evolved our systems to manage risk, reduce fraud and abuse, and ensure proper stewardship of taxpayer resources across all of our programs.

“We have reinstated core controls removed under the previous administration and leveraged technology to raise the security bar while still putting the customer experience with speed and certainty first. As a result, the SBA has been able to clamp down on abuse and eliminate application backlogs while ensuring legitimate businesses and the smallest of small businesses always had a clear path to access emergency financial lifelines.

“Despite our great progress, we know that some of the loans approved under the previous administration were not legitimate. I have personally worked closely with Inspector General Hannibal Ware and our dedicated teams to ensure transparency and trace the people who abused these relief programs so that they This bill extends the trail of these investigations and the prosecutions they support.

“I want to thank bipartisan House and Senate leaders, including House Small Business Committee Chair Nydia Velazquez and Ranking Member Blaine Luetkemeyer, for pushing this legislation through, and I’m thrilled to stand with President Biden as he signs it.”

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About the United States Small Business Administration

The United States Small Business Administration helps fuel the American dream of business ownership. As the single, go-to resource and voice for small businesses backed by the strength of the federal government, the SBA gives entrepreneurs and small business owners the resources and support they need to start, grow, or grow their business, or recover from a declared crisis. disaster. It provides services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

CONTACT: Press Office United States Small Business Administration press_office@sba.gov