Sen. Ernst Leads Push to Collect Unpaid COVID-19 Small Business Loans
The Complete COVID Collections Act has been approved by the Senate committee and is now waiting for a vote by the full Senate. It is currently placed on the legislative calendar and is actively moving forward. There is no companion bill mentioned at this time.
The bill has already moved through the committee process and aligns with the current majority party's focus on government oversight and debt reduction.
Small businesses that still owe money on COVID-era SBA loans under $100,000 will have their debts sent to the Treasury Department for collection instead of having the debt suspended or forgiven. This means business owners who fell behind on Paycheck Protection Program or economic injury disaster loan payments will face active collection efforts rather than relief.
“The Administrator shall refer to the Department of the Treasury any claim for collection related to a covered loan under $100,000.”
Placed on Senate Legislative Calendar under General Orders. Calendar No. 8.
The bill is now on the schedule for the full chamber to consider. It's in line for debate and a vote.
Committee on Small Business and Entrepreneurship. Reported by Senator Ernst with amendments. Without written report.
The committee approved this bill and is sending it to the full chamber for a vote. This is a significant step — most bills never get this far.
Committee on Small Business and Entrepreneurship. Ordered to be reported with amendments favorably.
The committee approved this bill and is sending it to the full chamber for a vote. This is a significant step — most bills never get this far.
Read twice and referred to the Committee on Small Business and Entrepreneurship.
Sent to a congressional committee for expert review. The committee decides whether this bill moves forward.
Introduced in Senate
The bill was officially filed and given a number. It now enters the legislative queue.
No votes have been recorded for this legislation yet.
The Complete Covid Collections Act aims to prohibit the suspension of collections on loans made to small businesses. It directs the SBA to refer Covid loan claims under $100,000 to the Treasury Department, which will then decide whether to suspend, end, or make collection on the claim.
Sen. Joni Ernst backed the Complete COVID Collections Act to reauthorize the Special Inspector General for Pandemic Recovery (SIGPR) for an additional five years. The bill, which passed out of committee, seeks to empower the watchdog to track down criminals who stole relief funds.
The Complete COVID Collections Act would extend SIGPR's authorization through 2030 and expand its jurisdiction to cover other SBA COVID-related programs. The bill aims to recover more than $200 billion in stolen funds and establishes a 10-year statute of limitations for fraud enforcement.
Document Type
Congressional Bill
Official Title
Complete COVID Collections Act
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