WASHINGTON D.C. – The PPP (Paycheck Protection Program) and Bank Fraud Enforcement Act and the COVID-19 EIDL (Economic Injury Disaster Loan) Fraud Statute of Limitations Act establish 10-year statutes of limitations for criminal charges and civil enforcement. Both bills recently passed Congress with vast bipartisan support.
“American people deserve to know that their tax dollars are being spent as intended,” President Joe Biden said. “My message to those cheats out there is this: You can’t hide. We’re going to find you. We’re going to make you pay back what you stole and hold you accountable under the law.”
Related: ‘Biggest fraud in a generation’: The looting of the Covid relief plan known as PPP
The Paycheck Protection Program helped small businesses pay their employees after companies were forced to shut down during the pandemic. EIDL loans and grants gave small businesses money to be used for working capital and other normal operation expenses.
A review of public documents show many political consultants, council members, newspaper publishers, and potential candidates around LA County are listed as taking out loans that local residents know don’t have a functioning business let alone employees on the payroll.
On Friday, August 5, 2022, the President signed into law:H.R. 7334, the “COVID–19 EIDL Fraud Statute of Limitations Act of 2022,” which establishes a ten-year statute of limitations for fraud by borrowers under the Small Business Administration’s COVID-19 Economic Injury Disaster Loan programs.
Thank you to Representatives [Blaine} Luetkemeyer (MO), [Nydia] Velazquez (NY), [Sharice] Davids (KS), and [Beth] Van Duyne (TX).
H.R. 7352, the “PPP and Bank Fraud Enforcement Harmonization Act of 2022,” which establishes a ten-year statute of limitations for fraud by borrowers under the Small Business Administration’s Paycheck Protection Program.White House
Thank you to Representatives [Nydia] Velazquez (NY), [Blaine] Luetkemeyer (MO), [Kweisi] Mfume (MD), [Sharice] Davids (KS), and [Beth] Van Duyne (TX).
Who got PPP loans in your area? You can check here propublica.org.