COVID-19 EIDL Fraud Statute of Limitations Act of 2022
Aug 5, 2022
Statute: 136 Stat. 1363
Became law: Aug 5, 2022
Aug 5, 2022
Statute: 136 Stat. 1363
Became law: Aug 5, 2022
Summary
Gives the government 10 years to charge people who committed fraud when getting COVID-19 Economic Injury Disaster Loans (EIDL).
What problem does this solve?
The original time limit to charge people for COVID-19 loan fraud was too short, which could let some people get away with it. This law extends the deadline to 10 years, giving the government more time to find and prosecute fraud.
What does this law do?
Extends time to prosecute EIDL fraud
Sets a 10-year time limit for the government to file criminal charges or civil actions for fraud related to COVID-19 Economic Injury Disaster Loans.
Extends time to prosecute EIDL advance fraud
Creates a 10-year time limit for prosecuting fraud in the use of EIDL advances received under the CARES Act.
Who does this affect?
- COVID-19 EIDL borrowers
- Small Business Administration (SBA)
- Federal law enforcement
What is the real world impact?
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Holds fraudsters accountable
Ensures the government has enough time to find and punish individuals and businesses that lied to get emergency loans during the COVID-19 pandemic, recovering stolen taxpayer money.
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Deters future emergency aid fraud
Sends a strong message that the government will pursue fraud in relief programs for a long time, which may discourage people from trying to cheat the system during future crises.
When does this start?
This law takes effect on August 5, 2022.