The Small Business Administration (SBA) Office of the Inspector General (OIG) announced it was issuing a management alert to the administration over “serious concerns of potential fraud” in the Economic Injury Disaster Loan and Advance (EIDL) grant programs that require immediate attention and action.
The OIG report said that it received complaints of more than 5,000 instances of suspected fraud from financial institutions, with nearly 3,800 coming from six institutions.
Read on for more details from the alert, and OIG suggestions to SBA.