Kelly Loeffler, the new SBA Administrator, took over the SBA a few weeks ago at a tricky time in its history. On her very first day, she issued a memo listing her priorities, which include an emphasis on cracking down on fraud: “SBA’s loan programs should be a powerful tool for empowering small business formation and delivering critical aid to disaster victims. The prior Administration left these programs with unaddressed fraud – including an estimated $200 billion in pandemic-era fraud. Starting today, the SBA will institute a zero-tolerance policy for fraud and investigate fraud across all programs. The agency has established a Fraud Working Group and will appoint a Fraud Czar to identify, stop, and claw back criminally obtained funds on behalf of American taxpayers – working across agencies to prevent fraud.”
I think it’s important to remember that there is a big difference between losses caused by fraud and losses caused by bad policies. Check out my latest 21 Hats column, where I break it all down.
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