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He described the ERC as a "fraudulent program," citing the excessive power the IRS has to audit small businesses for years to come. This looming audit risk places a significant burden on the millions of businesses that utilized the credit, with O'Leary arguing that those who might have committed fraud could face legal repercussions indefinitely due to the absence of a statute of limitations.
Despite his skepticism regarding the ERC, he emphasized his past advocacy for small businesses, stating that he worked hard to ensure many companies benefited from the program. Nonetheless, he warned that the ERC's potential for driving investors away is significant, owing to the threat of prolonged audits.