The Small Business Administration may have granted billions of dollars in fraudulent COVID-19 relief loans after relaxing its approval standards in response to an unprecedented amount of applications, the agency’s internal watchdog said in a report published Wednesday.
As of July 31, the agency had received over 14 million COVID-19 relief loan applications, according to the report. The SBA also approved $63 billion in loans to applicants who used the same information ― IP addresses, email addresses, mailing addresses or bank accounts ― for multiple loan applications. About $58 billion of those loans were disbursed, according to the OIG.
But the SBA should have had a stronger vetting process in place to research instances of duplicative information or suspicious activity, the OIG said. The OIG report made several recommendations to reduce the risk of fraud and recover funds disbursed to ineligible businesses, including strengthening vetting processes to ensure loan deposits are made to legitimate bank accounts.
TRUMP FUND RAISERS..EXCLUSIVLY..
Everyone was taking everything they could. Invite a Trumper in to your home and he takes your food, your silverware, and he knocks up your daughters and defiles your wife and the dog.
Only four more days and our long national nightmare is over.
Aww, just like their boy Trump and his cretins!
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