Press Releases

Ranking Member Luetkemeyer’s Statement on President Biden Signing Key Legislation to Expand Statute of Limitations for EIDL and PPP Fraud

Washington, August 5, 2022

WASHINGTON, D.C. – Today, Ranking Member Blaine Luetkemeyer (R-MO) issued the following statement in response to President Joe Biden signing legislation expanding the statute of limitations of Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) fraud to 10 years:

“Fraudulent actors are robbing the American taxpayer and both pieces of legislation President Biden signed today will hold these fraudsters accountable. I am always pleased when bipartisanship leads to sound and responsible policymaking. I thank my colleagues on the other side of the aisle who worked with me to ensure we continue to combat fraud and abuse,” said Ranking Member Luetkemeyer.

Background:

H.R. 7352 – The PPP and Bank Fraud Enforcement Harmonization Act of 2022 – sponsored by Chairwoman Velazquez and cosponsored by Ranking Member Luetkemeyer.

  • To ensure fraud made by fintech lenders is treated appropriately and for prosecutors to have the time to bring justice to all fraudulent actors under the PPP, H.R. 7352 extends the statute of limitations for all loans, no matter the type of lender, out to 10-years.

H.R. 7334 – The COVID-19 EIDL Fraud Statute of Limitations Act of 2022 – sponsored by Ranking Member Luetkemeyer and cosponsored by Chairwoman Velazquez.

  • To ensure law enforcement has the time to investigate all EIDL fraud, H.R. 7334 extends the statute of limitations for all COVID EIDL loan and grant fraud to 10-years.

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