SBA OIG finds EIDL fraud

      The Small Business Administration’s Office of Inspector General (OIG) on July 28 issued an alert warning of “widespread potential fraud” in the Economic Injury Disaster Loan and Advance grant programs.

      The OIG said it already has identified $250 million in EIDL loans to recipients suspected of being ineligible and another $46 million in potential duplicate payments, and there is a likelihood of more such findings.

      The inspector general urged the SBA to tighten controls to reduce the risk of additional frauds.

      The OIG said it received complaints of more than 5,000 suspected frauds, of which nearly 3,800 involved only six financial institutions.

      The OIG also received nearly 700 hotline complaints on suspected fraud.

More information:
OIG report: https://bit.ly/3lA5uAJ

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