Complete COVID Collections Act
Summary
The Complete COVID Collections Act aims to strengthen the federal government's efforts to recover taxpayer money lost to fraud or unpaid loans during the COVID-19 pandemic. A primary feature of the bill is the extension of the statute of limitations for pandemic-related fraud from five years to ten years. This change would give federal investigators and prosecutors more time to pursue criminal and civil cases against individuals or businesses that illegally obtained relief funds through programs like the Paycheck Protection Program (PPP) or the Main Street Loan Program.
Additionally, the legislation proposes to reauthorize and expand the authority of the Special Inspector General for Pandemic Recovery (SIGPR) through September 2030. This watchdog office would be tasked with overseeing a broader range of Small Business Administration (SBA) programs to identify and recoup stolen funds. The bill also seeks to end the suspension of collections on delinquent COVID-19 small business loans, specifically requiring the SBA to refer unpaid loans with balances under $100,000 to the Department of the Treasury for active collection.