‘We want our money back’: Rep. Bean confident COVID fraud bill will pass
- SBA: More than $200 billion in coronavirus aid may have been stolen
- Fraud bill would require quarterly reports from SBA on investigations
- Bean: "To all these fraudsters, we're coming after you"
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(NewsNation) — There’s a new push in Congress to finally hold those who committed fraud using COVID-19 pandemic relief funds accountable.
Florida Rep. Aaron Bean introduced the PPP/EIDL Fraud Report Act of 2023, otherwise known as the “We Want Our Money Back Act,” earlier this year, and now, a vote to pass the bill is coming in the House.
Over the years, more than $200 billion in coronavirus aid may have been stolen, according to a Small Business Administration (SBA) inspector general report.
The bill would require the House Small Business Committee to investigate fraud within the SBA’s COVID-19 pandemic relief programs. It would require the SBA’s inspector general to submit quarterly reports to Congress on updates on the ongoing Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) fraud investigations, according to the bill’s press release.
“First of all, we’re all sick of fraud. We’re sick of seeing people cheat, lie, steal — these mobs that run into stores and steal — we’re sick of it,” Bean said. “I don’t want it swept under the rug.”
He continued, “We want our money back and to all these fraudsters, we’re coming after you.”
Bean explained that the testimony from SBA officials hinted that the administration was only going to go after big frauds, but it was discovered that one in five of the loans given were suspected to be fraud.
“What it does is put fraud on the front burner where it says, ‘We’re not going to forget about it,'” he said.
The Republican said the Small Business Committee is demanding a quarterly report from SBA of what’s outstanding.
Bean blames the rush to get money out and no real oversight of the program as reasons for the large-scale issue to occur. The facial recognition software that was used to verify people applying for the loans even approved false images of Barbie dolls.
“If you haven’t seen this, it is almost absurd,” Bean said. “Some of these swindlers got dozens of loans.”
And because of these absurdities, Bean is confident his bill will pass.
“I’m pretty jacked because it’s one of my first shepherded legislation pieces that I’ve been working on for quite some time. We’ve already presented the bill. It went very well. We think the vote will come this week,” Bean said.
