It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Thank you.
Some features of ATS will be disabled while you continue to use an ad-blocker.
The $670 billion PPP loan program cannot be audited due to poor management, an oversight agency disclosed in a report Friday evening.
The Office of the Inspector General for the Small Business Administration also noted glaring mistakes, such as $6 billion in loans not disbursed.
The SBA pushed back on five of the seven issues noted by auditors, and noted the PPP and other 2020 loan programs were historic in scope.
"The SBA fully supports the requirements for auditability of its financial statements," the agency said in a rebuttal to the report.
The PPP program has been accused of fraud, waste, and mismanagement — and of not providing sufficient records to the public.
The report comes as Congress struggles to pass another massive stimulus package for the nation.
Joel Osteen’s Houston megachurch defends getting $4.4 million in federal PPP loans
originally posted by: Asktheanimals
These idiots owe the people an entire years wages. I'm amazed people have tolerated this so far. It won't and can't go on indefinitely without someone breaking and going after the guilty looking for vengeance. The entire year has been one vast power grab while simultaneously throwing the individuals to the wolves. How much more in your face can it get?
This is not an accurate statement. The article is referring to PPP loans. It is known exactly where those funds went. They went to the companies which applied for the loans through their banks.
Unable to audit where 670B taxpayer dollars went from last stimulus
originally posted by: Phage
This is not an accurate statement. The article is referring to PPP loans. It is known exactly where those funds went. They went to the companies which applied for the loans through their banks.
Unable to audit where 670B taxpayer dollars went from last stimulus
What the audit shows, much to no one's surprise, is the SBA did not properly vet the loans. The probably also applies to the applications for forgiveness of the loans.
originally posted by: Mandroid7
a reply to: AutomateThis1
Yeah, I'm right here in nooga. I know what you mean.
3 democratic senators just leaned on the governor for more lockdowns.
Tennessee is the biggest virus epicenter in the country they tell me, as I've been all over public here, including hospitals and there isn't one sick person on the fn street.
Small biz is getting decimated. Walmart, Lowes, Home depot and all the other chink stores are booming.
They have full parking lots at all hours.