ABSTRACT

Evaluation of CARES Act Debt Relief to 7(a) Borrowers   [open pdf - 624KB]

From the Executive Summary: "This evaluation examines SBA's [Small Business Administration] implementation of debt relief for borrowers in the 7(a) Program, SBA's flagship loan guarantee program. Section 1112 of the Coronavirus Aid, Relief and Economic Security (CARES) Act provided $17 billion in debt relief to borrowers in the 7(a), 504, and Microloan programs. Section 1112 does not include the Paycheck Protection Program. The Act was enacted on March 27, 2020 to alleviate the severe economic hardships and public health threat created by the Coronavirus Disease 2019 (COVID-19) pandemic. Our objective was to determine whether SBA has effective internal controls to provide debt relief to 7(a) borrowers in accordance with CARES Act Section 1112 and internal policies and procedures."

Report Number:
Small Business Administration, Office of the Inspector General, Report No. 21-03
Publisher:
Date:
2020-12-01
Series:
Copyright:
Public Domain
Retrieved From:
Oversight.gov: https://www.oversight.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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