President Biden praised Friday's job report, saying there were more people working in America today than any time in American history. The president spoke before he signed bipartisan legislation into law to hold accountable those who defrauded the COVID 19 small business relief programs.
The president delivered remarks from the Blue Room balcony at the White House. He also tested positive again Friday morning for COVID - 19.
In July, the Labor Department added 528,000 jobs, beating the 250,000 jobs forecast by Refinitiv economists, according to the Labor Department's monthly payroll report released Friday. The unemployment rate fell to 3.5%, the lowest level since the beginning more than two years ago.
Biden said on Friday that there were more people working in America than before the epidemic began. There are more people working in America than any time in American history. Biden said that the resurgence of small businesses is a key driver in the U.S. economic recovery. The president said that too much of the small business relief programs enacted at the height of the COVID-19 epidemic ended up in the hands of those who didn't need it or criminal syndicates who stole the information. Biden praised the administration's efforts to hold those individuals accountable, criticizing the Trump administration for not keeping close enough watch and stressing that the watchdogs are back. The president said that the bipartisan bills he signed into law will give federal and local prosecutors more time to hold criminals accountable for defrauding the American people during a once-in-a-century epidemic.
Biden said that the American people deserve to know that their taxpayer dollars are being spent as intended.
The president thanked the members of both parties in the House and Senate for getting these bills to my desk. The president signed H.R. 7352, the Paycheck Protection Program and Bank Fraud Enforcement Harmonization Act, and H.R. The COVID- 19 EIDL Fraud Statute Of Limitations Act was enacted in 7334.
The bills will extend the time period that prosecutors must hold individuals and criminal syndicates accountable to 10 years if they commit fraud in receipt of PPP or COVID EIDL loans, the White House said. The White House said in the president's State of the Union that the Department of Justice would name a chief pandemic prosecutor to crack down on fraud in the PPP, EIDL and other COVID 19 pandemic recovery programs. In the State of the Union fact sheet, the White House called for additional penalties for those who commit fraud on COVID benefits and an executive order on identity theft coordinated by the ARP coordinator and OMB.
On June 14, the individual in the chief COVID prosecutor role told Congress that it was 'essential' that the statute of limitations for PPP and EIDL fraud be extended to 10 years — precisely what these bills do.