RECLAIM Taxpayer Funds Act

Mr. Speaker, I rise today in support of H.R. 4667, the RECLAIM Taxpayer Funds Act, which I am proud to co-lead alongside Representative Salazar. I am grateful for her partnership on this bipartisan bill, and I am glad to see it come to the floor today.

Small businesses are the backbone of the American economy. That is definitely true in my hometown of Louisville, Kentucky, and was on full display this past weekend as Louisvillians were encouraged to shop local and go and see our wonderful small business community.

As I visited small businesses from Saint Matthews to NuLu to West Louisville, I reflected on where we were, where these small businesses were just a few short years ago. I was reminded of earlier this year when we had Small Business Administrator Guzman come to Louisville and meet with small business owners from across my district.

We had listening sessions, and we heard the same message over and over again. That is what these businessowners told us. They told us they wouldn't be here today because they wouldn't have survived the pandemic if it weren't for the Paycheck Protection Program and other COVID relief programs.

PPP worked. It worked. It was a success. It is the reason we still have towns across this country full of vibrant, independent, local business. Nevertheless, in order to get that money out the door as quickly as possible, the previous administration loosened the guardrails designed to prevent fraud. That opened the door for bad actors to take advantage of the program.

There were people who flatout lied to obtain PPP loans. There were others who received more than they deserved; some who received more even through good-faith errors.

Mr. Speaker, we need to get that money back. That is why the Department of Justice and the SBA are working to prosecute those who took advantage of the program and recover stolen funds.

To date, there have been hundreds of arrests and convictions related to COVID relief fraud, and they have recovered billions of dollars.

We must have clear processes in place as this money comes back to lenders and to the SBA. That is why this bill requires the SBA to issue guidance and rules for lenders, for borrowers, and for the SBA itself on handling PPP loans that are returned.

H.R. 4667 is a commonsense bill that will establish these clear rules for the road and ensure that taxpayer dollars do not go to waste. It is a necessary step in the right direction as we continue our recovery from the pandemic.

I thank Chairman Williams, Ranking Member Velazquez, and Congresswoman Salazar for their leadership and support of this bill, and I urge my colleagues to support H.R. 4667.

Mr. Speaker, I thank the chairman for yielding his time and for supporting my bill.

Mr. Speaker, 3 years ago Congress created the Paycheck Protection Program in the CARES Act in response to the COVID-19 pandemic.

What was the goal of this program? To keep small businesses open and to keep employees on payroll.

The intention of the PPP program was clear, and it was very good. Unfortunately, bad actors took advantage of it and used it to steal billions of dollars from all of us.

The Small Business Administration Inspector General has reported that there are potentially $200 billion worth of fraudulent loans. That is nearly 20 percent of all COVID pandemic loans. That is appalling and unacceptable.

Mr. Speaker, a time of reckoning is now coming for those who stole those billions of dollars from the taxpayers' funds.

My bipartisan bill, called the RECLAIM Taxpayer Funds Act, would require the Small Business Administration, the SBA, to create detailed rules and guidance for borrowers and lenders to return those stolen funds back to the United States Treasury Department.

My district, the city of Miami, is home to thousands and thousands of small businesses, including some of the best restaurants in this country. Let's continue to support hardworking small businesses while punishing those bad actors. We can definitely do both.

H.R. 4667 is the right step to regain government accountability in a bipartisan effort.

Mr. Speaker, I thank my Democrat friend from Kentucky, Mr. McGarvey, for introducing this bill with me, and I encourage my colleagues to vote in support of H.R. 4667, which puts Americans first by ensuring that criminals are not stealing our constituents' money.

Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 4667) to require the Administrator of the Small Business Administration to issue guidance and rules for lenders and the Small Business Administration on handling amounts of Paycheck Protection Loans returned by borrowers, and for other purposes, as amended.

Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days in which to revise and extend their remarks and include extraneous material on the bill.

Mr. Speaker, I yield myself such time as I may consume. I rise today in full support of H.R. 4667, better known as the RECLAIM Taxpayer Funds Act, introduced by Representative Salazar of the great State of Florida. During the COVID-19 pandemic, banks and credit unions stepped up to administer the Paycheck Protection Program, or

Mr. Speaker, I yield such time as she may consume to the gentlewoman from Florida (Ms. Salazar).

Mr. Speaker, I am prepared to close, and I reserve the balance of my time.

Mr. Speaker, it is clear that the COVID-19 pandemic broke the SBA, and as a result, American taxpayers and our Nation's

small businesses have had to foot the bill for the hundreds of billions of dollars in stolen funds.

I thank Representative Salazar for introducing H.R. 4667 as it creates a much-needed accountability and transparency with the SBA as we work to retrieve the taxpayer dollars wrongfully lost.

Mr. Speaker, I urge my colleagues on both sides of the aisle to join us in our fight to reclaim these stolen funds and unanimously support

Mr. Speaker, I object to the vote on the ground that a quorum is not present and make the point of order that a quorum is not present.

Mr. Speaker, I yield myself such time as I may consume.

Mr. Speaker, I rise in support of H.R. 4667, as amended, which will ensure any unused PPP funds are properly returned to the American taxpayers.

The legislation requires SBA to issue guidance for financial institutions on how to return PPP funds.

In May, the IG released a management advisory that said SBA's lack of guidance, regulations, and ability to account for returned PPP funds is an obstacle for anyone who opts to return unused PPP funds.

Unfortunately, this has led to confusion for borrowers and lenders, leading some lenders to even inform borrowers that the SBA could not accept funds. This bill will resolve the problem by requiring SBA to establish clear and detailed guidance for returning PPP funds to the

Mr. Speaker, I yield such time as he may consume to the gentleman from Kentucky (Mr. McGarvey), the ranking member of the Innovation Entrepreneurship and Workforce Development Subcommittee.

Mr. Speaker, the RECLAIM Taxpayer Funds Act requires SBA to establish clear guidance for borrowers, lenders, and financial institutions on how to return PPP funds. It will ensure best practices are in place in the event of another global catastrophe.

I thank Representative Salazar and Mr. McGarvey for their effort, and I urge my colleagues to support the legislation, as amended.

Mr. Speaker, I yield back the balance of my time.