S.68 - Complete COVID Collections Act (119th Congress)
Summary
S.68, the Complete COVID Collections Act, aims to prohibit the suspension of collections on COVID-19 related loans made to small businesses. It also seeks to enhance oversight and fraud enforcement related to COVID-19 relief programs. The bill extends the oversight of the Special Inspector General for Pandemic Recovery and mandates increased reporting and coordination among various agencies.
Expected Effects
This act will likely result in more aggressive collection efforts on outstanding COVID-19 loans to small businesses. It will also increase scrutiny of COVID-19 relief programs through extended oversight and enhanced fraud enforcement. The increased reporting requirements aim to provide greater transparency and accountability.
Potential Benefits
- Increased recovery of funds disbursed through COVID-19 relief programs.
- Enhanced fraud detection and prosecution related to these programs.
- Greater transparency in the use of COVID-19 relief funds through mandated reporting.
- Strengthened coordination between agencies involved in pandemic recovery.
- Potential reduction of the federal debt through recovered fraudulent funds.
Potential Disadvantages
- Increased pressure on small businesses to repay loans, potentially leading to financial strain or closure.
- Potential for overly aggressive collection practices by the Department of the Treasury.
- Increased administrative burden on the Small Business Administration and the Department of Justice due to reporting requirements.
- Possible delays in processing legitimate claims due to increased scrutiny.
- Risk of disproportionately impacting small businesses in economically vulnerable communities.
Most Disadvantaged Areas:
Constitutional Alignment
The bill appears to align with the Constitution's Article I, Section 8, which grants Congress the power to collect taxes, pay debts, and provide for the general welfare of the United States. The provisions related to fraud enforcement and oversight are consistent with Congress's implied powers to ensure the proper use of public funds. The bill does not appear to infringe upon any specific constitutional rights or limitations.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).