Approved Disaster Assistance Loans Matching COVID‐19 EIDLs and PPP Loans with Fraud Hold Codes
Inspection / Evaluation · Small Business Administration OIG · 2024-11-05 · about Small Business Administration
Report
Title
Approved Disaster Assistance Loans Matching COVID‐19 EIDLs and PPP Loans with Fraud Hold Codes
Submitting OIG
Small Business Administration OIG
Component agency
Small Business Administration
Type
Inspection / Evaluation
Publication date
2024-11-05
Summary
The Office of Inspector General is issuing this evaluation report to determine whether the U.S. Small Business Administration (SBA) approved disaster loan applications with related Coronavirus Disease 2019 (COVID-19) Economic Injury Disaster Loans (EIDL) or Paycheck Protection Program (PPP) loans with fraud hold codes.In October 2022, SBA established an informal review process to match disaster assistance loan applications to pandemic loans that had fraud hold codes based on taxpayer identification numbers.
Recommendations (1)
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Status
Text
1
Open
Review the 187 loans that matched to a related COVID-19 EIDL or PPP loan with a fraud hold code for legitimacy and eligibility. If any of the 187 loans are found to be illegitimate, ineligible, or fraudulent, take appropriate action to 1) prevent…