Clyburn Statement on Small Business Administration Action Responding to Select Subcommittee Fintech Report

Washington, D.C. (December 7, 2022) – Today, Rep. James E. Clyburn, Chairman of the Select Subcommittee on the Coronavirus Crisis, released the following statement on the Small Business Administration’s (SBA) announcement that, based on revelations uncovered by the Select Subcommittee’s recent report on how fintech companies facilitated fraud in the Paycheck Protection Program (PPP), fintechs Blueacorn and Womply have been suspended from working with SBA in any capacity and additional companies and individuals covered in the report will be investigated further:

“The Select Subcommittee’s report on PPP fraud facilitated by fintech companies detailed unscrupulous, unethical, and possibly unlawful actions by individuals and corporate entities, most egregiously Blueacorn and Womply, as well as structural deficiencies in program administration that left the PPP vulnerable to the fraudulent activity we uncovered.  The actions announced by the SBA today are a good first step to hold wrongdoers accountable and assess what further action may be warranted to ensure accountability and to prevent these problems from recurring in the future.  I look forward to continuing to work with the SBA in its efforts to root out waste, fraud, and abuse in pandemic relief programs and make future programs more effective, efficient, and equitable.”