In surveys by the National Federation of Independent Businesses, a staggering 92 percent of small businesses report being negatively impacted by the COVID-19 pandemic.
With so many businesses struggling with diminished or no revenue during forced closures, community-minded banks have stepped up to answer the calls for help and disburse emergency funding. Lenders everywhere have been under enormous pressure to meet the overwhelming demand – and meet it quickly.
But even amidst such challenging circumstances, banks’ burden to “get it right” still exists. Alongside the $349 billion in business funding were appropriations for oversight by the SBA’s Office of the Inspector General. Based on lessons learned from previous economic stimulus loans, the OIG plans to aggressively investigate allegations of fraud, waste, abuse, or mismanagement of COVID-19 loans.
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