As the White House's Fraud Ledger shows, the Small Business Administration (SBA) has uncovered more fraud than any other agency.Through Vice President JD Vance's Task Force to Eliminate Fraud, the Trump administration is eliminating waste, fraud, and abuse at historic rates.When COVID shut down the country, small business owners did everything they could to keep their doors open.
They drained their savings, skipped paychecks, and fought to keep employees on the payroll.While small businesses were fighting to survive, fraudsters stole billions from programs meant to keep them afloat.The Biden-Harris administration had years to hold fraudsters accountable.
It never did.Under Republican leadership, that era is over.WHITE HOUSE LAUNCHES INTERACTIVE MAP TRACKING BILLIONS IN SUSPECTED FRAUDLast month, SBA Administrator Kelly Loeffler stood with Vice President Vance in Kansas City, Missouri, and announced the suspension of 870,000 borrowers linked to an estimated $39 billion in suspected pandemic fraud, the largest action of its kind in the agency's history.As chairman of the House Committee on Small Business, I've worked closely with Administrator Loeffler to go after this money and ensure Main Street isn't left high and dry.
Every dollar a fraudster took was a dollar a family business didn't get.The Biden-Harris SBA knew COVID fraud was rampant and still failed to act.In 2023, the SBA’s Office of Inspector General estimated that more than $200 billion in pandemic loans may have gone to fraudsters.
Agency leadership at the time stated the actual number was closer to $36 billion.When our Committee asked then-SBA Administrator Isabella Guzman to explain the $164 billion difference, she refused to testify.So, we kept digging.WHITE HOUSE PUSHES 'WATERSHED' FRAUD-FIGHTING REFORM IN CONGRESS AS VANCE CONVENES TASK FORCEOur Committee spent 18 months investigating the pandemic loan programs.
What we found was deeply disturbing.Rather than fixing its own broken controls, B...