A shocking new report from the House of Representatives exposes the Biden-Harris administration’s failure to recover nearly $200 billion in fraudulent COVID-19 loans. Despite massive taxpayer funds intended to aid small businesses during the pandemic, the administration’s poor oversight allowed billions to slip through the cracks, with no sign of accountability.

The House Small Business Committee, led by Chairman Roger Williams, R-Texas, has spent years investigating the Small Business Administration’s (SBA) handling of emergency relief funds distributed during the height of the COVID-19 crisis. “The rush to deliver aid quickly resulted in shortcuts that cost the American taxpayer dearly,” the report states. Republicans argue that the administration’s chaotic approach and lack of safeguards created opportunities for rampant fraud.

Williams criticized the administration, stating, “The Biden administration’s failure to recover these funds has placed an enormous burden on American families who are now left to foot the bill.” The report argues that funds were distributed recklessly, failing to ensure only legitimate businesses received assistance.

Unchecked Spending and Lack of Accountability

The SBA received approximately $1.2 trillion to provide financial relief to struggling businesses. However, the Biden-Harris administration’s approach has been plagued by what Republicans describe as “complete mismanagement.” This massive loss of taxpayer money has raised serious concerns among conservatives about the government’s ability to responsibly handle large-scale relief programs.

With such a vast amount of money gone, many are left asking why the Biden administration wasn’t more vigilant. Republicans argue that the American people deserve answers, and they’ve made it clear they won’t rest until those responsible are held accountable. As the 2024 election approaches, this report adds yet another example to the GOP’s critique of the administration’s economic failures.