The U.S. Small Business Administration (SBA) did not meet the 90-day statutory requirement to remit Paycheck Protection Program (PPP) forgiveness payments to lenders for loans totaling $66.4 billion, according to a new report from the Office of the Inspector General (OIG).
For loans of more than $2 million already forgiven, the SBA failed to meet the 90-day requirements 98.2% of the time, according to the report.
Because of the high risk of fraud associated with PPP loans, the OIG emphasized the SBA’s need to closely monitor loans with outstanding loan forgiveness applications. Read more.