Rep. Blaine Luetkemeyer, U.S. Representative for Missouri's 3rd District | Rep. Blaine Luetkemeyer Official U.S. House headshot
Rep. Blaine Luetkemeyer, U.S. Representative for Missouri's 3rd District | Rep. Blaine Luetkemeyer Official U.S. House headshot
Rep. Luetkemeyer held a Committee on Small Business hearing where he emphasized the importance of oversight of the Small Business Administration (SBA). In a statement following the hearing, Vice Chairman Luetkemeyer expressed his commitment to holding the SBA accountable and ensuring it functions as intended. He stated, “The SBA’s sole purpose is to help small businesses, but unfortunately, they have strayed from that mission.”
During the hearing, Vice Chairman Luetkemeyer raised concerns about fraud in the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) program. He questioned Administrator Guzman about the SBA's efforts to address these issues, particularly in regard to the $47.7 billion of EIDL loans that were written off. Administrator Guzman responded that the EIDL portfolio is performing better than expected, but Vice Chairman Luetkemeyer pressed for more concrete information.
Vice Chairman Luetkemeyer also highlighted the need for the SBA to take action to clean up the programs and recover funds. He pointed out the importance of selling part of the portfolio to alleviate the need for additional funding and recoup losses. Administrator Guzman mentioned that the SBA is currently collecting successfully within its own efforts, but Vice Chairman Luetkemeyer expressed skepticism about the adequacy of these efforts.
The interaction between Vice Chairman Luetkemeyer and Administrator Guzman underscored the ongoing challenges facing the SBA in ensuring the integrity of its lending programs. Moving forward, Vice Chairman Luetkemeyer and his colleagues on the panel are committed to working with Administrator Guzman to improve the agency and uphold its mission of supporting small businesses.
For further information or to share questions and concerns, individuals are encouraged to visit Rep. Luetkemeyer's official website or contact his offices in Jefferson City and Cottleville. Additionally, updates on his work can be found on his YouTube site, Facebook page, Twitter, and Instagram.
Alerts Sign-up