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Jan 21 2022    Next issue: Feb 4 2022

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IG says SBA’s loose controls fostered massive fraud in 2020

Former SBA leaders’ relaxing of internal controls contributed to $84B in potential fraud in COVID loans: IG

     The Inspector General for the Small Business Administration confirmed that the SBA’s loosening of internal controls contributed to the $84 billion in potential fraud discovered in COVID emergency loans to small businesses in 2020. That is a 43% potential fraud rate.

      IG Hannibal “Mike” Ware testified to the House Small Business Committee on Jan. 12 on his recent report on SBA’s management and performance issues, which identified the possible fraud in the pandemic-related Economic Injury Disaster Loan (EIDL) distribution.

      The SBA delivered $197 billion in EIDL loans from March 2020 to December 2020......more....

     

Next issue: Feb. 4, 2022

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Inside this edition:

IG says SBA’s loose controls fostered massive fraud in 2020

Procurement forecasts out

GOP Reps. fiercely critique SBA for actions under Trump’s watch

Another CR?

Vax-or-test mandate ban

Affirmative Action portal to open

Are set-asides ‘zero sum’?

$10B for small biz credit

Column: Establishing Irreparable Harm in Bid Protests

Washington Insider:

  • Comments requested on NASA’s small biz bids
  • GAO reviews Native 8(a) applications
  • 5th correction of mentor-protege rule

Coronavirus Update



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