SBA Management Receives Criticism After Disbursing Over $200 Billion Amidst Pandemic Loan Fraud

The SBA management received criticism after disbursing over $200 billion amidst the pandemic loan fraud.

Inspector General Reveals SBA Management Disbursed More Than $200 Billion In Potential COVID-19 Loans Fraud

The Inspector General of the Small Business Administration Office revealed a report that stated the Small Business Administration (SBA) management disbursed more than $200 billion in potential COVID-19 pandemic loan fraud, almost double the amount they initially reported.

According to a report from Yahoo News, the SBA management failed to protect the funding for the pandemic loan programs, which should have been provided to small businesses greatly affected by the COVID-19 pandemic.

During the pandemic, small businesses expected support from pandemic relief programs funded by the American Rescue Plan Act, but the recent report of the pandemic loan fraud only means that there were eligible small businesses who didn’t get the relief they expected under the SBA management.

READ ALSO: Widespread Fraud Uncovered In Pandemic Relief Programs, Reveals Government Watchdog

SBA Management Receives Criticism Following the Recent Report of Disbursing Over $200 Billion Amidst Pandemic Loan Fraud

Following the recent report of the disbursement amount, different individuals and groups criticized the SBA management after allowing fraudsters to access the pandemic funds that should have been available for many small businesses.

However, the SBA management refused to admit their fault and the reported disbursement amount, claiming that the agency was confident with the estimated pandemic loan fraud they had reported.

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