The SBA has begun referring as much as $20 billion in delinquent Covid disaster loans with balances of $100,000 or less to the Treasury Department for collection https://t.co/R8aJGOz4XY What a boondoggle. Another example of a too generous program that attracted scammers.
US seeks collection on up to $20B in delinquent COVID loans to small businesses, nonprofits https://t.co/kGVDIPxBHz https://t.co/quLf5nUDHu
The SBA has begun referring as much as $20 billion in delinquent Covid disaster loans with balances of $100,000 or less to the Treasury Department for collection https://t.co/UbobsG09Vb

The House Small Business Committee is investigating the Small Business Administration (SBA) for mismanagement, particularly in the wake of revelations about significant fraud in COVID-era assistance programs. The SBA Inspector General estimated $200 billion in fraud within two such programs, yet according to the Government Accountability Office (GAO), no SBA employees were terminated in response. Discussions in Congress have highlighted the need for action to address approximately $80 billion in fraud related to the Employee Retention Credit (ERC), with suggestions that inaction could further increase national debt. Lawmakers, including those on the House Small Business Committee and the House Subcommittee on the Coronavirus Crisis, emphasized the importance of the SBA implementing 100% of GAO's recommendations to prevent future fraud. The SBA has started referring delinquent Covid disaster loans, with balances of up to $100,000, totaling as much as $20 billion, to the Treasury Department for collection.
