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