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1 1 (March 1, 2024)

handle is hein.crs/goveomf0001 and id is 1 raw text is: S Congressional ____ ~ Research Service Overview of the Put America on Commission Act of 2024 (H.R. 7129) March 1, 2024 To address the COVID-19 pandemic's impacts on small businesses, Congress authorized new financial relief programs in 2020 and 2021 that the Small Business Administration (SBA) operated. These programs made or guaranteed loans and grants directly to small businesses. SBA's pandemic relief programs included: the Paycheck Protection Program (PPP), which offered forgivable loans up to $10 million for small businesses and nonprofits to continue paying their employees; COVID Economic Injury Disaster Loans (EIDLs), which offered an expanded version of one of SBA's existing disaster loan programs; Emergency EIDL Advances, which offered COVID EIDL applicants $1,000 per employee, up to $10,000, for use while SBA processed EIDL applications (which did not require repayment); and Targeted EIDL Advances and Supplemental Targeted EIDL Advances, which offered $10,000 and $5,000 payments, respectively, to COVID EIDL applicants in low-income areas (which also did not require repayment). Congress appropriated hundreds of billions of dollars in FY2020 and FY2021 for SBA to implement these programs. SBA approved over $799.8 billion worth of PPP loans and $378.4 billion in COVID EIDLs. Since then, many observers have raised concerns about fraud in the programs. On January 31, 2024, the House Committee on Small Business ordered the Put America on Commission Act of 2024 (H.R. 7129) to be reported by a 24-0 vote. Among other things, the bill would: establish an Office of Whistleblower Awards (OWA) within SBA; set up a payment system for whistleblowers whose information leads to a conviction, plea agreement, or settlement regarding a case of financial misconduct or fraud stemming from SBA's COVID-19 pandemic relief programs; and create a fund to pay for the awards and OWA's operating expenses. Congressional Research Service https://crsreports.congress.gov IN12323 CRS INSIGHT Prepared for Members and Committees of Congress

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