To require the Inspector General of the Small Business Administration to submit a quarterly report on fraud relating to certain COVID-19 loans.

Bill 118 hr 4666, also known as the "COVID-19 Small Business Loan Fraud Prevention Act," aims to address the issue of fraud in relation to COVID-19 loans provided by the Small Business Administration (SBA). The bill requires the Inspector General of the SBA to submit a quarterly report specifically focused on fraud related to these loans.

The purpose of this legislation is to increase transparency and accountability in the distribution of COVID-19 relief funds to small businesses. By requiring the Inspector General to provide regular updates on fraudulent activities, Congress hopes to identify and address any misuse of funds in a timely manner.

The quarterly reports mandated by this bill will include information on the number of fraud cases identified, the amount of funds involved in fraudulent activities, and any actions taken to address the fraud. This data will help Congress and the SBA to better understand the scope of the problem and implement measures to prevent future fraud. Overall, the COVID-19 Small Business Loan Fraud Prevention Act is a proactive step towards ensuring that relief funds reach the intended recipients and are not misused for fraudulent purposes. By requiring regular reporting on fraud related to COVID-19 loans, this bill aims to protect small businesses and taxpayers from financial harm.