The Complete COVID Collections Act requires the Small Business Administration to actively pursue collection of COVID-19 related loans and prevents the agency from suspending debt collection efforts. The bill affects businesses that received Paycheck Protection Program loans, Economic Injury Disaster Loans, and other COVID-19 relief funding through programs like restaurant revitalization grants and shuttered venue operator grants.
The legislation mandates that the SBA refer loan claims under $100,000 to the Treasury Department for collection and requires monthly briefings to Congress on collection progress. It extends the Special Inspector General for Pandemic Recovery through September 2030 and establishes a 10-year statute of limitations for fraud prosecutions related to COVID relief programs.
The bill also requires the Department of Justice to submit monthly reports to Congress detailing COVID fraud prosecutions, recoveries, and case dispositions. Any money recovered from fraudulent use of COVID relief funds must be applied directly toward reducing the federal debt, and the Pandemic Response Accountability Committee must maintain real-time data on recovery amounts on its website.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.