PPP, EIDL Require Stronger Integrity Controls Says GAO High-Risk List Report
The Government Accountability Office (GAO) has issued its 2021 High-Risk List. This list contains programs and operations that are “high risk” due to their vulnerabilities to fraud, waste, abuse, and mismanagement, or that require transformation. The list is issued every two years at the start of each new session of Congress. The House Oversight and Reform Committee held a hearing this morning to discuss and examine the latest High-Risk List with GAO Comptroller General Gene Dodaro.
Of particular interest to SWACCA, this year, the GAO added the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) programs for small businesses to the High-Risk List. The GAO says the SBA must develop stronger integrity controls and better management of the PPP and EIDL with an emphasis on ensuring only eligible businesses receive assistance. The addition of the PPP and EIDL programs could lead lawmakers to pursue stricter scrutiny of the PPP loan forgiveness process, as well as other oversight initiatives.
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