Potential Fraud in SBA's Paycheck Protection Program and Efforts to Prevent It

Thursday, July 29, 2021
Potential Fraud in SBA's Paycheck Protection Program and Efforts to Prevent It

Potential Fraud in SBA's Paycheck Protection Program and Efforts to Prevent It

In response to the pandemic, the Small Business Administration quickly implemented the Paycheck Protection Program to assist small businesses adversely affected by COVID-19. However, there are concerns that because SBA implemented the program quickly to respond to the crisis, it was left without safeguards against payments to unqualified businesses or fraud. We find out more from GAO's Bill Shear.

Note: This podcast was updated July 29, 2021 to correct an error in the introduction. The SBA has processed about $800 billion (not $8 billion) in loans to small businesses adversely affected by the pandemic.