COVID-19 Loans: SBA Has Begun to Take Steps to Improve Oversight and Fraud Risk Management, Statement of William B. Shear, Director, Financial Markets and Community Investment, Testimony Before the Committee on Small Business, House of Representatives [open pdf - 338KB]
From the Highlights: "SBA [Small Business Administration] has made or guaranteed about 18.7 million loans and grants through PPP [Paycheck Protection Program] and the EIDL [Economic Injury Disaster Loans] program, providing about $968 billion to help small businesses adversely affected by COVID-19 [coronavirus disease 2019]. PPP provides potentially forgivable loans to small businesses, and EIDL provides low-interest loans of up to $2 million for operating and other expenses, as well as advances (grants). This testimony discusses the lack of controls in PPP and the EIDL program and SBA's efforts to improve its oversight of these programs"
Government Accountability Office: https://www.gao.gov/