Washington, Aug. 05, 2022 (GLOBE NEWSWIRE) — Today, Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice for America’s 33 million small businesses in President Biden’s cabinet, issued the following statement on today’s signing of the Paycheck Protection Program and Bank Fraud Enforcement Harmonization Act and the COVID-19 Economic Injury Disaster Loan Fraud Statute of Limitations Act.
“America’s 33 million small businesses are giants in our economy and vital for communities across America. Thanks to the President’s leadership, America’s small business economy is open and growing. In this Administration’s first year alone, 5.4 million Americans applied to start new businesses, 20 percent more than any other year on record. And their success is powering our nation’s economic recovery, supporting strong job creation and historic unemployment.
“Millions of small business owners will tell you that PPP, COVID EIDL, and other critical relief programs at the SBA were vital to their ability to reopen, rebuild and grow. President Biden was committed to getting funds into the hands of the businesses that it intended to serve. The SBA course-corrected on critical relief programs plagued with challenges and scaled our systems to manage risk, reduce fraud and abuse, and ensure good stewardship of taxpayer resources across our programs.
“We reinstated basic controls stripped under the previous Administration and leveraged…
