78.5 F
Washington D.C.
Saturday, October 16, 2021
spot_img

OIG Finds $692 Million in Duplicate Loans Made Under the Paycheck Protection Program

The Small Business Administration Office of Inspector General reviewed PPP regulations and the Paycheck Protection Program and Health Care Enhancement Act, in addition to guidance published in SBA’s PPP Interim Final Rules and PPP Frequently Asked Questions.

OIG determined SBA did not always have sufficient controls in place to detect and prevent duplicate PPP loans. As a result, lenders made more than one PPP loan disbursement to 4,260 borrowers with the same tax identification number and borrowers with the same business name and address. These disbursements totaled about $692 million for PPP loans approved from April 3 through August 9, 2020.

OIG recommended in part that SBA:

  1. Review identified potential duplicate disbursements for eligibility and take action to recover any improper payments
  2. Review controls related to all PPP loan reviews to ensure that duplicate loans are not forgiven and not subject to an SBA guaranty, as appropriate
  3. Strengthen E-Tran controls for future PPP-type programs to ensure the controls align with program requirements and are active at all times
  4. Strengthen controls and guidance for lenders to ensure lenders meet program requirements for future PPP type programs

Read more at SBA OIG

Homeland Security Todayhttp://www.hstoday.us
The Government Technology & Services Coalition's Homeland Security Today (HSToday) is the premier news and information resource for the homeland security community, dedicated to elevating the discussions and insights that can support a safe and secure nation. A non-profit magazine and media platform, HSToday provides readers with the whole story, placing facts and comments in context to inform debate and drive realistic solutions to some of the nation’s most vexing security challenges.

Related Articles

STAY CONNECTED

- Advertisement -

Latest Articles