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SBA - 23-16 - 4

Open · 2023-09-29

From report

Report
Ending Active Collections on Delinquent COVID-19 Economic Injury Disaster Loans
OIG report number
23-16
Recommendation number
4

Recommendation text

To address concerns in the COVID-19 EIDL program, we recommend the Administrator direct the Associate Administrator for the Office of Capital Access to ensure SBA does not end active collections on any COVID-19 EIDL that appears to be fraudulent, false, or misrepresented, including loans identified as such by OIG or other federal oversight entities, without 1) reviewing the loan application for fraud and 2) attempting active collection, at a minimum, regardless of the outcome of a comprehensive cost-benefit analysis.