Ernst Advances Bills to Boost American Manufacturing, Crackdown on COVID Fraudsters
Small Business Committee passes Made In America Manufacturing Act and SBA Fraud Enforcement Extension Act.
WASHINGTON – The U.S. Senate Committee on Small Business and Entrepreneurship advanced a pair of Chair Joni Ernst’s (R-Iowa) bills to unleash domestic manufacturing and hold COVID criminals accountable.
“Republican leadership is unleashing growth across the country and making government more accountable to taxpayers,” said Ernst. “The Made in America Manufacturing Finance Act builds upon the domestic manufacturing explosion under President Trump and gives small businesses access to the resources they need to make ‘Made in America’ the norm instead of the exception. Equally as important is making sure Washington responsibly uses each tax dollar like an entrepreneur looks after their budget. After Biden’s bureaucrats were asleep at the wheel in pursuing billions in COVID fraud, my SBA Fraud Enforcement Extension Act ensures that justice will be carried out for criminals and stolen tax dollars will be recouped.”
With manufacturing loans already soaring 74% under President Trump, the Made In America Manufacturing Finance Act allows small businesses to access the capital they need to invest in new equipment, hire new employees, and grow their businesses by doubling the individual loan limit for 7(a) and 504 small manufacturing loans from $5 million to $10 million.
The SBA Fraud Enforcement Extension Act extends the statute of limitations from five to ten years for COVID fraudsters who stole from the Shuttered Venue Grant Operators Grant (SVOG) and Restaurant Revitalization Fund (RRF).
Ernst initially led the legislation after a shocking report revealed that the Biden Small Business Administration (SBA) failed to pursue nearly two million individuals suspected of stealing pandemic aid.
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