News Formal

Top House Republican slams Small Business Administration after IG admits twice as much COVID loan fraud

  • 📰 FoxNews
  • ⏱ Reading Time:
  • 29 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 87%

United States News News

United States United States Latest News,United States United States Headlines

Top House Republican slams Small Business Administration after agency admits twice as much COVID loan fraud

of failing to protect coronavirus loan programs from fraud after a government report found that the agency disbursed over $200 billion in possibly fraudulent COVID-19 loans, nearly double that which was previously expected.COVID-19 pandemic loan

The Office of the Inspector General said the SBA"did not have an established strong internal control environment for approving and disbursing program funds," adding that"there was an insufficient barrier against fraudsters accessing funds that should have been available for eligible business owners adversely affected by the pandemic."

"These findings show the SBA failed to implement basic guardrails to protect the integrity of these programs, resulting in roughly 1 in 5 loans dispersed being labeled as potentially fraudulent."

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 9. in US
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Police on search for Redwood City small business robbery suspectThe Redwood City Police Department is asking for the public's help in locating a suspect connected to two armed robberies against small businesses.
Source: KTVU - 🏆 465. / 53 Read more »