A federal control agency said there were billions of dollars in coronavirus fraud.
Here’s what you want to know.
As a component of the coronavirus relaunch, the Small Business Administration (SBA) lends to small businesses that were affected by the Covid-19 pandemic, however, a new report through the SBA Inspector General states that the SBA has approved:
Inspector General Mike Ward said billions of prospective dollars under the crisis assistance program may have been poorly distributed as a component of the federal government’s coronavirus relief efforts. To offsothe financial assistance for small businesses in the wake of the pandemic, Ward says the SBA “lowered the railings. “
According to Ward’s report, the SBA “in charge of lending more than $373 billion in [economic crisis loans] and $20 billion in early Covid-19 emergency grants, representing more crisis loans than in all the years combined since the agency’s inception in 1953. “However, according to Ware, although some fraud was expected, the point of fraud is higher and is due, at least in part, to poor internal controls and supervision.
SBA administrator Jovita Carranza disagreed with the report, and wrote that “the [report] does not fully describe and what the highly successful delivery of the SBA should look like of an unprecedented volume of crisis assistance. Carranza wrote that the report “overestimates the threat of fraud, waste and abuse. “Carranza noted that the SBA had already known 15,000 fraudulent loans and successfully recovered $450 million.
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Zack Friedman is the best-selling e-book The Lemonade Life. Apple has named The Lemonade Life one of the “best audiobooks of autumn” and a “must-have. “
Zack Friedman is the best-selling e-book The Lemonade Life. Apple has named The Lemonade Life one of the “best audiobooks of autumn” and a “must-have. “Zack is the founder and CEO of Make Lemonade, a leading online non-public finance company that allows him to live a better monetary life. He is a highly sought-after speaker and has encouraged millions of other people with his difficult ideas, adding more than 150 million people who have read his Before That, was CFO, hedge fund investor and worked at Blackstone, Morgan Stanley and the White House. Zack graduated from Harvard, Wharton, Columbia and Johns Hopkins.