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Treasury Problems Informal Guidance for Lenders and Potential Borrowers Under SBA Paycheck Protection System

Treasury Problems Informal Guidance for Lenders and Potential Borrowers Under SBA Paycheck Protection System

Please be aware: Information into the after advisory had been accurate upon its date of publication. Nonetheless, because of the nature that is rapidly changing of through the Department associated with the Treasury as well as others, we recommend you go to the Treasury site|web site|internet site|sitesite Center for the latest updates.

On March 31, 2020, the U.S. Department associated with Treasury (the Treasury) granted guidance concerning the small company management (SBA) Paycheck Protection Program being rolled down included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, that has been finalized into legislation March 27.

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GAO claims SBA obstructing oversight into COVID-19 relief loans as IG accelerates investigations

GAO claims SBA obstructing oversight into COVID-19 relief loans as IG accelerates investigations

Conflict involving the national government Accountability workplace together with Small Business Administration around oversight into COVID-19 relief loans including the Paycheck Protection Program plus the Economic Injury Disaster Loan has escalated to the level that Comptroller General Gene Dodaro has individually reached out to Congress searching for an answer.

“He personally called me, and I also genuinely believe that he even called the member that is ranking. Can you picture?”

Home small company Committee Chairwoman Nydia Velazquez (D-N.Y.) told William Shear, GAO’s director of Financial Markets and Community Investment, during an Oct. 1 hearing regarding the subcommittee on Investigations, Oversight, and laws. “It is our obligation to guard taxpayers cash, and also to ensure that this system is implemented. And that which we have experienced isn’t just a full situation of fraudulence and punishment committed when you look at the EIDL and also the PPP, but mismanagement.