Small Business Administration: COVID-19 Loans Lack Controls and Are Susceptible to Fraud, Statement of William B. Shear, Director, Financial Markets and Community Investment, Testimony Before the Subcommittee on Investigations, Oversight, and Regulations, Committee on Small Business, House of Representatives [open pdf - 213KB]
From the Highlights: "SBA [Small Business Administration] has made or guaranteed more than 14.5 million loans and grants through PPP [Paycheck Protection Program] and EIDL [Economic Injury Disaster Loans], providing about $729 billion to help small businesses adversely affected by COVID-19 [coronavirus disease 2019]. However, the speed with which SBA implemented the programs may have increased their susceptibility to fraud. This testimony discusses fraud risks associated with SBA's PPP and EIDL programs. It is based largely on GAO's reports in June 2020 (GAO-20-625) and September 2020 (GAO-20-701) that addressed the federal response, including by SBA, to the economic downturn caused by COVID-19."
Government Accountability Office: https://www.gao.gov/