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Committee advances S.68, Complete COVID Collections Act, after multiple amendments; key reforms and some amendments remain unresolved
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Summary
The Senate Small Business Committee voted to favorably report S.68, the Complete COVID Collections Act, as part of a package, after considering several amendments. Two amendments were rejected by roll call and at least one amendment remained under debate when the committee recessed for lack of quorum.
The Senate Committee on Small Business and Entrepreneurship moved S.68, the Complete COVID Collections Act, forward to the full Senate as part of a manager's package (reported as "S.68 as amended") after a markup that included multiple amendments and roll-call votes.
Nut graf: S.68 would change how certain pandemic-related loan collections and oversight are handled, including provisions about referrals to Treasury and the authorization of the Special Inspector General for Pandemic Recovery. Committee debate focused on who should handle collections for smaller loans, how to prioritize fraud enforcement and the proper oversight structure for pandemic programs.
Key developments and votes - An amendment offered by Sen. Rand Paul (amendment 1) to direct funds collected from pandemic-related fraud to pay down the national debt was considered and, after voice vote, was agreed to and incorporated into the bill. - A proposal from the Democratic side (referred to in the markup as "amendment 2") to strike the reauthorization of the Special Inspector General for Pandemic Recovery and instead increase authorization for the SBA Office of Inspector General was rejected on a roll-call vote, 9 ayes to 10 nays. - Sen. Jeanne Shaheen offered an amendment to require SBA general counsel to attest that a borrower is not making a good-faith repayment effort before sending certain loans to Treasury; that amendment was rejected on a roll-call vote, 9 ayes to 10 nays. - Ranking Member Sen. Ed Markey called for striking section 5 (which would require some referrals to Treasury) through a later amendment; that amendment was debated but the committee lost quorum before a final disposition and adjourned subject to the call of the chair.
Final committee action and outstanding items: The committee voted to favorably report S.68 as amended (reported in the package with S.298). The markup shows a mix of successful and failed amendments and at least one outstanding amendment (to strike section 5) that had not been resolved when the committee recessed for lack of quorum.
Why it matters: S.68 addresses oversight of pandemic-era programs, fraud recovery and the mechanics of collections for small pandemic-related loans. Changes to referral and collection processes would affect how delinquent pandemic loans are handled and which agency (SBA career personnel or Treasury) makes final collection decisions.
Ending: The committee recorded its report of S.68 as amended and transmitted that report to the full Senate; members who oppose aspects of the bill signaled they intend to press those concerns on the floor and in future committee work.
