Increases Reporting on COVID Loan Fraud

Official: COVID Fraud Transparency Act of 2026

IntroducedJanuary 28, 2025

CommerceCongressional oversightGovernment information and archivesGovernment studies and investigationsGovernment lending and loan guaranteesFraud offenses and financial crimes

Why This Matters

This bill requires the Inspector General of the Small Business Administration to provide quarterly reports on fraud related to COVID-19 loans.

If you borrowed a COVID-19 loan, this law will ensure quarterly updates on fraud cases for the next two years.

Affects: This bill affects borrowers who received COVID-19 loans and the agencies monitoring these loans.

Summary

COVID Fraud Transparency Act of 2026This bill requires the Small Business Administration's Office of Inspector General to report quarterly to Congress about fraud cases involving certain COVID-19 loans (e. g., Paycheck Protection Program loans). The report must include thenumber and total dollar amount of such loans, number of new cases of fraud and suspected fraud, number of fraud cases resolved, andtypes of such cases of fraud. The reporting requirements terminate two years after this bill is enacted.

What changes is this bill making?

1. The bill requires regular updates on fraud related to COVID-19 loans. 2. The Inspector General must report every three months on fraud cases. 3. Reports will include the total amount of loans and fraud cases identified. 4. This legislation will last for two years after its enactment.

Who is affected?

This bill affects borrowers who received COVID-19 loans and the agencies monitoring these loans.