Business Injury problem Loan plan: extra activities had a need to enhance correspondence with people and Address scam issues
To greatly help smaller businesses affected by COVID-19, the little Business Administration offered low-interest financial Injury Disaster Loans and funds to many individuals. These funds totaled $224 billion since February 2021.
But SBA failed to provide individuals key records like processing time, financing limits, or condition updates—causing confusion and doubt for people.
Also, this system is at risk of charge errors. SBA authorized no less than 3,000 financial loans worth about $156 million to ineligible candidates. Fraudulence cases involved, including, applicants whoever enterprises would not are present.
We recommended that SBA address these issues.
Just What GAO Discovered
Business Injury catastrophe financing (EIDL) people and recipients diverse regarding companies dimensions, age functioning, and market, predicated on GAO’s review of Small Business management (SBA) facts from March 2020 through February 2021:
Continue reading Business Injury problem Loan plan: extra activities had a need to enhance correspondence with people and Address scam issues
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