SBA watchdog probes small business loans as scrutiny intensifies

The government watchdog tasked with policing the Small Business Administration has informed lawmakers that he has kicked off investigations into rescue programs launched in the wake of the coronavirus outbreak and will release an initial report in the coming days.to Sen. Elizabeth Warren and House Small Business Chairwoman Nydia Velázquez , SBA Inspector General Hannibal "Mike" Ware said his office has already initiated dozens of investigations involving complaints of fraud.

Lawmakers and law enforcement agencies are ratcheting up scrutiny over hundreds of billions of dollars that Congress has tried to disburse to struggling small businesses in recent weeks to help avert economic collapse. While those reviews are expected to take at least 90 days, Ware said he planned to release a "flash report" by May 8 comparing the SBA's rules and guidance under the PPP to what Congress tasked the agency with doing under the law. He said the report was in response to a separate congressional inquiry from Sens. Chuck Schumer , Ben Cardin and Sherrod Brown .

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SBA limits business loans to small lendersThe SBA told banks that for the rest of the day, starting at 4 p.m., its systems would accept only so-called Paycheck Protection Program loan applications from lenders with less than $1 billion in assets, representing the smallest in the industry A billion..? You got to be kidding right.
Source: politico - 🏆 381. / 59 Read more »