Small Business Administration's Implementation of Recommended Controls and the Economic Aid Act [open pdf - 734KB]
From the Executive Summary: "The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act) was enacted on December 27, 2020 to continue assistance under the Paycheck Protection Program (PPP) for small businesses financially impacted by the ongoing coronavirus pandemic. [...] Our objectives were to determine if SBA [Small Business Administration] 1) considered prior OIG [Office of the Inspector General] key recommendations to strengthen controls for ensuring eligibility and mitigating fraud and 2) implemented the PPP in accordance with the Economic Aid Act. To accomplish our objective, we reviewed the Economic Aid Act, SBA's Interim Final Rules and Frequently Asked Questions. We also assessed SBA Procedural Notices, a letter from the SBA Administrator, and PPP applications."
Small Business Administration, Office of the Inspector General, Report No. 21-19