SBA OIG Report 23-09: COVID-19 Pandemic EIDL and PPP Loan Fraud Landscape
Summary
A U.S. Small Business Administration Office of Inspector General listing for Report 23-09, COVID-19 Pandemic EIDL and PPP Loan Fraud Landscape, effective June 27, 2023. It states that OIG conducted the review to provide a comprehensive estimate of potential fraud in SBA's pandemic assistance loan programs and that SBA disbursed approximately $1.2 trillion of COVID-19 EIDL and PPP funds. It states an estimate that SBA disbursed over $200 billion in potentially fraudulent loans and advances, meaning at least 17 percent of all COVID-19 EIDL and PPP funds. It also states that collaboration with SBA, the U.S. Secret Service, other federal agencies, and financial institutions resulted in nearly $30 billion being seized or returned to SBA.
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“SBA OIG Report 23-09: COVID-19 Pandemic EIDL and PPP Loan Fraud Landscape.”
Original at www.sba.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/sba-oig-report-23-09-landing-page-covid-19-pandemic-eidl-and-ppp-loan-fec6dd9cd4/
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Report 23-09 COVID-19 Pandemic EIDL and PPP Loan Fraud Landscape U.S. Small Business Administration (SBA) Office of Inspector General (OIG) conducted this review to provide a comprehensive estimate of the potential fraud in the SBA's pandemic assistance loan programs. About this document and download The U.S. Small Business Administration (SBA) Office of Inspector General (OIG) conducted this review to provide a comprehensive estimate of the potential fraud in the U.S. Small Business Administration’s (SBA) pandemic assistance loan programs. Over the course of the Coronavirus Disease 2019 (COVID-19) pandemic, SBA disbursed approximately $1.2 trillion of COVID-19 Economic Injury Disaster Loan (EIDL) and Paycheck Protection Program (PPP) funds. In the rush to swiftly disburse COVID-19 EIDL and PPP funds, SBA calibrated its internal controls. The agency weakened or removed the controls necessary to prevent fraudsters from easily gaining access to these programs and provide assurance that only eligible entities received funds. However, the allure of “easy money” in this pay and chase environment attracted an overwhelming number of fraudsters to the programs. We estimate that SBA disbursed over $200 billion in potentially fraudulent COVID-19 EIDLs, EIDL Targeted Advances, Supplemental Targeted Advances, and PPP loans. This means at least 17 percent of all COVID-19 EIDL and PPP funds were disbursed to potentially fraudulent actors. OIG collaboration with SBA, the U.S. Secret Service, other federal agencies, and financial institutions has resulted in nearly $30 billion in COVID-19 EIDL and PPP funds being seized or returned to SBA. Click Here To View SBA OIG 23-09: Fraud Landscape Report High-Level One-Pager Download .pdf File size: 3752KB Effective: June 27, 2023 Owned by: Office of Inspector General Related Programs: Related programs: Disaster, Pandemic Oversight, PPP Last updated June 27, 2023
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