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End COVID-19 Loan Payment Suspensions for Small Businesses, Enhance Fraud Control.

This act aims to resume and accelerate the collection of COVID-19 relief loans provided to small businesses. It extends the statute of limitations for prosecuting fraud related to these funds and increases oversight of their recovery, potentially impacting the financial stability of small businesses and enhancing public spending transparency.
Key points
Resumption of COVID-19 Loan Collections: Small businesses that received pandemic-related loans will need to resume repayments, with the Small Business Administration (SBA) referring claims to the Treasury Department for collection.
Extended Fraud Prosecution Period: The time limit for filing fraud charges related to COVID-19 funds (loans, grants) has been extended to 10 years, increasing the likelihood of recovering improperly obtained funds.
Increased Transparency and Oversight: The act mandates regular reports from the SBA and the Department of Justice on fund recovery and fraud prosecution, with recovered money dedicated to reducing the national debt.
article Official text account_balance Process page
Placed on Calendar
Citizen Poll
No votes cast
Additional Information
Print number: 119_S_68
Sponsor: Sen. Ernst, Joni [R-IA]
Process start date: 2025-01-09
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Complete COVID Collections Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_S_68.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2025-01-09.

What are the main provisions?

Key points include:

  • Resumption of COVID-19 Loan Collections: Small businesses that received pandemic-related loans will need to resume repayments, with the Small Business Administration (SBA) referring claims to the Treasury Department for collection.
  • Extended Fraud Prosecution Period: The time limit for filing fraud charges related to COVID-19 funds (loans, grants) has been extended to 10 years, increasing the likelihood of recovering improperly obtained funds.
  • Increased Transparency and Oversight: The act mandates regular reports from the SBA and the Department of Justice on fund recovery and fraud prosecution, with recovered money dedicated to reducing the national debt.
What is the specific legal status?

The current status is Placed on Calendar.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Ernst, Joni [R-IA].

What is the latest detailed status?

The latest detailed status is: Placed on Senate Legislative Calendar under General Orders. Calendar No. 8.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-23.

CATEGORIES

Economy Courts and Law