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Washington, D.C. — 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 a Management Advisory titled, “Management Alert: Report 20-16, Serious Concerns of Potential Fraud in EIDL Program Pertaining to the Response to COVID-19,” to the SBA and Congress warning of suspected fraudulent activity in the COVID-19 Economic Injury Disaster Loan (EIDL) program.
During the drafting and negotiation process of the CARES Act, Chairman Rubio crafted and secured language in support of SBA’s request to ensure that in advance of disbursing the COVID-19 Emergency EIDL Grants, the SBA must verify that the entity is an eligible applicant for an EIDL loan. This approval takes the form of a certification under penalty of perjury by the applicant that they are eligible. This Management Advisory is the first step in mitigating and preventing fraud.
“The details of the suspected COVID-19 EIDL fraud recently uncovered by the SBA OIG are alarming,” Chairman Rubio said. “The purpose of COVID-19 EIDL loans and advances are to aid eligible, legitimate American small entities with both a quick injection of capital and long-term financing for working capital needs brought on by the pandemic. I’m proud to have worked to secure language in the CARES Act to ensure the federal government has the tools to identify and go after fraudulent activity while protecting taxpayer dollars. As Congress considers an additional federal relief package, I will continue working to provide relief to industries and businesses, especially minority-owned small businesses and those in low-income communities, that have been hit hard by the COVID-19 pandemic.”
The SBA IG’s Advisory highlights serious concerns with the EIDL program that require immediate attention and action during its ongoing evaluation. The SBA IG has seen complaints from more than 1,000 individuals as well as 440 financial institutions citing more than 5,000 in suspected fraudulent transactions. The report includes the following figures:
Examples of suspicious activities and suspected fraud include: