The U.S. Senate Committee on Small Business and Entrepreneurship has advanced two bills introduced by Chair Joni Ernst, aiming to enhance domestic manufacturing and address COVID-19-related fraud. The Made In America Manufacturing Act and the SBA Fraud Enforcement Extension Act were both passed by the committee.
Senator Ernst highlighted the importance of these initiatives, stating, "Republican leadership is unleashing growth across the country and making government more accountable to taxpayers." She emphasized that the Made in America Manufacturing Finance Act seeks to build on the domestic manufacturing surge under President Trump, providing small businesses with essential resources. Ernst added, "Equally as important is making sure Washington responsibly uses each tax dollar like an entrepreneur looks after their budget."
Under this act, small businesses can access increased capital for investing in equipment, hiring employees, and business expansion. The legislation proposes doubling the loan limit for 7(a) and 504 small manufacturing loans from $5 million to $10 million.
The SBA Fraud Enforcement Extension Act aims to extend the statute of limitations from five to ten years for individuals who committed fraud involving pandemic relief funds such as the Shuttered Venue Grant Operators Grant (SVOG) and Restaurant Revitalization Fund (RRF). This move comes after a report indicated that nearly two million suspected cases of pandemic aid theft were not pursued by the Biden administration's Small Business Administration.
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