[Report No. 119–677]
January 28, 2025
Mr. Williams of Texas (for himself, Mr. Latimer, Mr. Bean of Florida, and Mr. Mfume) introduced the following bill; which was referred to the Committee on Small Business
June 3, 2026
Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed
Strike out all after the enacting clause and insert the part printed in italic
For text of introduced bill, see copy of bill as introduced on January 28, 2025
To require the Inspector General of the Small Business Administration to submit a quarterly report on fraud relating to certain COVID–19 loans.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
Section 1. Short title
This Act may be cited as the COVID Fraud Transparency Act of 2026
.
Sec. 2. Report on fraud relating to certain COVID–19 loans
(a) In general
Not later than 60 days after the date of the enactment of this Act, and every 3 months thereafter, the Inspector General of the Small Business Administration shall submit to the Committee on Small Business of the House of Representatives and the Committee on Small Business and Entrepreneurship of the Senate a report on the number of borrowers engaged in fraud with respect to a covered loan.
(b) Elements
The report required under subsection (a) shall include, with respect to the period covered by such report—
(1)
the number and total dollar amount of all covered loans made;
(2)
the number of new cases of fraud and suspected fraud;
(3)
the number of fraud cases resolved; and
(4)
the types of fraud cases described in paragraphs (2) and (3).
(c) Covered loan defined
In this section, the term covered loan means—
(1)
a loan made under paragraph (36) or (37) of section 7(a) of the Small Business Act (15 U.S.C. 636(a)); or
(2)
a loan made under section 7(b) of such Act (15 U.S.C. 636(b)) in response to COVID–19 during the covered period (as defined in section 1110(a) of the CARES Act (15 U.S.C. 9009)).
(d) Termination
This Act and the requirements of this Act shall terminate on the date that is two years after the date of the enactment of this Act.
Sec. 3. Compliance with CUTGO
No additional amounts are authorized to carry out this Act.