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Chairman Rubio Releases Statement on SBA Inspector General’s Initial Report on Suspected EIDL Fraud

Oct 28, 2020 | Press Releases

Miami, FL — U.S. Senator Marco Rubio (R-FL), Chairman of the Senate Committee on Small Business and Entrepreneurship, released the following statement after the U.S. Small Business Administration (SBA) Inspector General (IG) issued its initial report titled, “Inspection of Small Business Administration’s Initial Disaster Assistance Response to the Coronavirus Pandemic,” warning of fraudulent activity in the COVID-19 EIDL advance and loan program. 
In July, Rubio commented on suspected EIDL fraud after the SBA IG issued a Management Advisory to the SBA. Recently, Rubio sent letters to JPMorgan Chase and Wells Fargo requesting further information on alleged EIDL fraud schemes. 
“The initial Inspector General report on SBA’s COVID-19 Disaster Assistance highlights the alarming trend of fraud and abuse in the EIDL program, including in relation to the first-time EIDL advance grants,” Chairman Rubio said. “As Congress continues to work towards additional COVID relief, we must ensure the necessary safeguards are in place to protect taxpayer dollars from fraud.”