In addition, GAO found that between May and October 2020, over 900 U.S. financial institutions filed more than 20,000 suspicious activity reports related to the EIDL program with the Financial Crimes Enforcement Network. But SBA didn't give applicants key information like processing time, loan limits, or status updatescausing confusion and uncertainty for applicants. | Frequently Asked Questions , by Moiz Syed and Derek Willis, July 7, 2020. Justice, a billionaire, acknowledged last week that his private companies received money from the program but said he didn't know the dollar amounts. Treasury's DNP analysis of emergency EIDL grants found that $550 million, or 2 percent, of the $19.7 billion in emergency EIDL grants were provided to applicants who were found in the DNP data sources. Though the PPP program was designed to help small businesses, big hotel and restaurant chains were also allowed to apply. ICE Limitations. Less than 5% of Targeted EIDL Advance funding has been distributed nearly 5 months into the program. These loans . FinCEN chief Kenneth Blanco warned anti-money laundering experts this fall that online vendors were selling a how-to guide of sorts for creating fraudulent coronavirus aid applications, according to the Journal. That list includes places like the Indianapolis Zoo that received $2 - $5 million with the promise of retaining 394 jobs. Don't miss out on new grants and low-interest capital! Similarly, here's a snapshot of what the PPP loan lookup looks like. As of June 30, the program had handed out $521 billion. The best we could do was sort the named EIDL recipients using five terms: "collision," "crash," "body shop," "auto body," and "body repair." This captured some unrelated . Small businesses power the economy. CARES Act Relief Update: The SBA has begun auditing recipients of PPP and EIDL funding. Please let us know if there is any other case we need to watch. Review the applications and determine whether they are deemed ineligible. The CARES Act includes a provision for GAO to monitor funds provided for the COVID-19 pandemic. 64,078 TOTAL PPP LOANS. When expanded it provides a list of search options that will switch the search inputs to match the current selection. Thursday's order requires the SBA to be more specific. Some other well-known fashion and retail names whose businesses were pummeled by store shutdowns were also approved for loans. 24% have been funded for 2 original Advance and Targeted. The Americans for Tax Reform Foundation, the nonprofit arm of the anti-tax lobbying group Americans for Tax Reform, was approved for a loan of up to $350,000. A California man pleaded guilty today to perpetrating a scheme to fraudulently obtain approximately $1.8 million in COVID-19 relief guaranteed by the Small Business Administration (SBA) through the Economic Injury Disaster Loan (EIDL) program and the Paycheck Protection Program (PPP). Is there a way I can simplify my employee income verification process? The Small Business Administration (SBA) approved over $390 billion in COVID-19 Economic Injury Disaster Loans (EIDLs) to help small businesses during the pandemic. Between March 2020 and February 2021, SBA provided about 3.8 million low-interest EIDL loans and 5.8 million grants (called advances) totaling $224 billion to help small businesses adversely affected by COVID-19. Loans Issued In Florida. Connect with me on LinkedIn or follow me on twitter. Connect with me on LinkedIn or follow . Research by the Federal Reservefound thatcompanies with fewer than 50 workers before the pandemic saw their hiring rise 12% in May, while jobs grew just 5% in larger firms, suggesting PPP helped fuel rehiring. Award Amount. You can apply online for an SBA disaster assistance loan. For example, applicants from five discussion groups and several stakeholders cited lack of information and uncertainty about application status as major concerns. Chang's China Bistro were among the major restaurant chains that were approved for loans. Select a City for all PPP loans filed within that jouristiction, or search the entire state filings here: City. Please check your login credentials and try again. Developing and implementing a comprehensive communication strategy that includes these details could improve the quality, clarity, and timeliness of information SBA provides to its applicants and resource partners following catastrophic disasters. p.p1 {margin: 0.0px 0.0px 0.0px 0.0px; font: 12.0px Helvetica} Streamline hiring, onboarding, and employee documentation into your workflow. Lawsuits claim it wrecked their teeth. It described the program "as compensation for a government taking during the shutdown.". Loans to $2 million earn a lending fee of 3%. CARES Act Relief Update: The SBA has begun auditing recipients of PPP and EIDL funding. Early in the PPP's lifespan, if a company had fewer than 500 employees and certified current economic uncertainty makes this loan request necessary to support the ongoing operations, it was generally approved, The Wall Street Journal reported. People Services Pro Bono News & Perspectives Offices About Careers Alumni Services Pro Bono News & Perspectives Offices About Careers Alumni. The program has closed to new applications, but nearly four million small business owners received these . To prevent potential improper payments, we recommended SBA use the batch match or continuous monitoring functions available in Treasurys Do Not Pay portal to identify potentially ineligible applicants before disbursing COVID-19 EIDL program funds. There are no Groups that match this search. Number of Loans Forgiven. Accountable.US shines a light on corporations and special interests that too often wield unchecked power and obstruct progress. Fully implementing these recommendations would help SBA to safeguard billions of dollars of taxpayer funds and improve the operation of the EIDL program. A Bloomberg analysis of the SBA's July data set found more than 554,000 applications listed zero in the PPP application's "jobs retained" field. Muy Brands CEO James Bodenstedt is a major donor to the president. Earlier, the SBA provided a tracker for the PPP loans. Fiery train crash in Greece kills dozens, many of them students, Watch Live: Garland testifies amid ongoing special counsel investigations. Today, the United States District Court for the District of Columbia ordered the U.S. Small Business Administration (SBA) to release by November 19, 2020, the names and addresses of all recipients, and precise loan amounts issued under the Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) program. Assistance Listing (CFDA Program) Disaster Emergency Fund Code (DEFC) North American Industry Classification System (NAICS) Product or Service Code (PSC) Type of Contract Pricing. After Court-Ordered Release of Previously Undisclosed Data on PPP Loans Below $150,000, Accountable.US Continues Campaign Targeting Waste, Fraud, And Abuse in Program. 217,332 TOTAL PPP LOANS. $2.7B TOTAL LOAN AMOUNT. By submitting your cell phone number you are agreeing to receive periodic text messages from this organization. Japanese giant Sumitomo Mitsui Banking Corp. has invested $150 million in the digital bank, which aims to roll out personal loans, savings and checking accounts within the next 12 to 18 months. That amounts to about 85% of all workers at companies with fewer than 500 employees. This dataset contains non-personally identifiable (non-PII) data from the U.S. Small Business Administration (SBA) Disaster Loan Program. SBA agreed with the recommendation. Type of Set Aside. p.p1 {margin: 0.0px 0.0px 0.0px 0.0px; font: 12.0px Helvetica} Connecticut has a total of 117,892 businesses that received Paycheck Protection Program (PPP) loans from the Small Business Administration. Jeffress' church reported retaining nearly 300 jobs with its loan of between $2 million and $5 million. Not surprisingly, California topped the list. PPP Recipients. Message and data rates may apply. The SBA warned banks in recent months to investigate suspicious activity tied to the program. $42,588 AVERAGE PPP LOAN. Chang's, which has more than 210 restaurants around the country, was approved for between $5 million and $10 million from the PPP program, according to the government data. Louisiana. Contact Us | Twitter | Privacy Policy | Accessibility | IG Vacancies. Please enter valid email address to continue. Want to share a company announcement with your peers? In May, ProPublica, together with several of the nation's largest news organizations, filed a Freedom of Information Act lawsuit to obtain the information. The company employed 106 people in mid-February before the pandemic struck. The tool now enables users to query every single EIDL borrower as well. Recipient Type. The SBA and the Treasury Department have said they aim to focus their audit on loans of more than $2 million. $9.9B TOTAL LOAN AMOUNT. EIDL Grant Approval Data. COVID-19 EIDL. The SBA provided details on a state by state breakdown of the EIDL loans approved to date. It is, after all, one of the biggest economies in the . COVID-19 Economic Injury Disaster Loans as of 12-01-20. The Treasury Department has released only dollar ranges for the loan amounts, rather than exact figures. p.p2 {margin: 0.0px 0.0px 0.0px 0.0px; font: 12.0px Helvetica; min-height: 14.0px} SBA stated that the new portal would include improved messaging features that permit applicants to receive immediate status updates and to submit questions to loan processing teams on a safe and secure portal versus communicating through emails. The SBA provides low-interest disaster loans to help businesses and homeowners recover from declared disasters. The program initially was set to expire June 30 but was extended last week to Aug. 8, with $132 billion still available. span.s1 {letter-spacing: 0.0px} In this example, we did a search based on Zip Code. 117,892 TOTAL PPP LOANS. The average approved under the now maxed out Paycheck Protection Program (PPP) was $206,000, and 74% of loan amounts were under $150,000.. That's according to the Small Business Administration and the U.S. Treasury Department. Aggravated Assault The U.S. SBA regularly publishes EIDL loan data for all past EIDL loan recipients. How do people fit into the idea of 'emorational' decisions? This table shows the top 5 industries in South Dakota by . Finally, if you're tired of waiting for EIDL grant or loan approvals, here are 4 EIDL grant alternatives. The PPP / Cares Act . Stay informed as we add new reports & testimonies. Public companies received $1 billion in stimulus funds meant for small businesses. The figures cover about 3.77 million transactions. We have also posted new curated grant opportunities today. The maximum combined loan amount is $2 million. A representative for the governor's family companies didn't immediately return emails seeking comment. The data gave few details about loans to minority-owned businesses. Those firms made up less than 15% of the nearly 5 million small companies and organizations that received loans. The distinction now is what activity can be chalked up to error and what constitutes fraud. Deportation Defense; Felony. He called the program "a historic lifeline" for small businesses during the pandemic. Pro-tip: If you find your business in the search, click "Is this your business?" The public "maintains an urgent and immediate interest in assessing the results of SBAs initial effort at administering a massive small-business relief package and extracting lessons where possible both to inform a critical, ongoing federal debate and to remedy failures in the loan-disbursement process moving forward," Boasberg wrote in his order, according to The Wall Street Journal. While that covers about 20% of the total amount lent, it represents less than 1% of total loans, according to SBA data. Bloomberg also identified $1.3 billion in suspicious payments tied to the EIDL program because the number of grants in 52 congressional districts exceeded the number of eligible small businesses. Jobs People Learning . Boasberg, however, denied the SBA's request to keep the data confidential, saying the loan application "expressly notified potential borrowers admittedly in a form disclaimer that their names and loan amounts would be 'automatically released'upon a FOIA request.". Join the Workest community to ask questions in our community, bookmark articles, and receive our weekly email, People Operations Checklist for New Hire Onboarding. Boasberg ordered the SBA last month to release smaller borrowers'information, but later granted the agency a temporary stay. Florida PPP loan recipients: See the full searchable list of who received them. 9 AVG COMPANY SIZE. Filter the list or search for specific companies. Under a federal judge's order, the SBA recently released loan-level data that covers lending through mid-November. The SBA's inspector general in late July called for closer oversight of the EIDL program over fraud concerns, and followed up last week with a report indicating that the SBA has referred more than 80,000 loans to law enforcement. Kanye West's clothing-and-sneaker brand Yeezy received a loan of between $2 million and $5 million, according to the data released by Treasury. A portion of these applications have been identified as potential fraud risks in previous OIG reports. Only now after its hand has been forced, hundreds of thousands of small businesses have gone under, and millions of taxpayer dollars were wasted has this administration pulled back the curtains to reveal the malpractice going on behind the scenes. This dental device was sold to fix patients' jaws. The average loan size was $107,000. SBAs lack of adequate front-end controls to determine eligibility contributed to the distribution of COVID-19 EIDLs and emergency EIDL grants to potentially ineligible recipients. Home Data Catalog Help Video Tutorials Feedback According to the data, those 583 companies reported supporting roughly 14,800 jobs collectively with the money from the program. That led Wells Fargo to fire more than 100 employees who made false representations on EIDL applications, and JPMorgan Chase to dismiss several workers who improperly applied for and received aid through the program. Thanks for subscribing! When emailing SBA, remember to always include your loan or application number . The SBA declined to comment to The Wall Street Journal on the case. His studio said it employed 53 people before the pandemic. When the Small Business Administration (SBA) launched its $50 billion Economic Injury Disaster Loan (EIDL) program to help small businesses weather the impact of the COVID-19 pandemic, it was almost immediately mobbed. 6% have been funded for "all 3" original Advance, Targeted, Supplemental. Connecticut. NEWNAN, Ga. - Ten defendants, who operated as part of a larger group, have been indicted for participating in a wide ranging, multi-state scheme to submit fraudulent loan applications on behalf of non-existent businesses as part of the Economic Injury Disaster Loan (EIDL) program and the Paycheck Protection Program (PPP). Lack of important program information and application status put pressure on SBA's resources and negatively affected applicants' experience. "The significant public interest in shedding light on SBA's administration of the PPP and EIDL program dramatically outweighs any limited private interest in nondisclosure,"Judge James Boasberg of the U.S. District Court for the District of Columbia wrote in his order. Want personalized 1-1 support to help you with funding and your small business? The field was blank for another 324,122. Skip is not affiliated with the SBA or any government agency and has built this recipient search for informational purposes only. What kind should I start with? "The biggest issue is that PPP is short-term help," said Adam Ozimek, chief economist at Upwork, a freelancing platform. And many say time is running out. Media companies, including Newsday and American Media, former owner of the National Enquirer, got loans of up to $5 million. FinCEN chief Kenneth Blanco warned anti-money laundering experts this fall that online vendors were selling a how-to guide of sorts for creating fraudulent coronavirus aid applications, according to the Journal. The Justice Department has charged 73 defendants in PPP-related fraud cases, The Wall Street Journal reported, citing an agency spokesman. Millions of business owners and individuals across the US have received EIDL loans and EIDL Advances and millions more are still waiting for EIDL loan increases, Targeted EIDL Advances and Supplemental EIDL Advances. The publication is owned by Dow Jones, one of the five media organizations that sued the SBA in May to release the information. There is further data we're working on for the loans under $150k however so check back in the future for that. Other recipients included Kanye West's clothing and sneaker brand Yeezy, Ice Cube's professional basketball league, Planned Parenthood clinics in more than two dozen states, Girl Scout chapters, the nonprofit arm of the anti-tax group headed by Grover Norquist, Americans for Tax Reform, as well as Rosenblatt Securities, one of the biggest names on the floor of the New York Stock Exchange. Business Unusual: Self-Employed and Struggling With PPP, Banks Begin Accepting Small Business Loan Applications Under Payroll Protection Program, Confused and Waiting for Promised Financial Relief, Small Business Owners Turn to Each Other for Answers, COVID-19: A Checklist for Returning to Work, HR Checklist for Remote Hiring and Onboarding. We produced this Management Advisory to notify Small Business Administration (SBA) officials of serious concerns about potential improper payments in SBAs Coronavirus Disease 2019 (COVID-19) Economic Injury Disaster Loan (EIDL) program. Following a About U.S. Small Business Administration (SBA) | Open Data. The PPP loans can be forgiven if employers use most of the money to keep their workers on the payroll. Yes. This report examines, among other objectives, the characteristics of program applicants and recipients; the challenges EIDL applicants experienced and the extent to which SBA has addressed them; and the steps SBA has taken to address risks of fraud and provision of funds to ineligible applicants. Sum of Current Approval Amount. That secrecy spurred a lawsuit by news organizations including the Associated Press. Chang's China Bistro says a PPP loan helped it keep 12,000 workers employed and transition its restaurants to carry-out-only during the coronavirus pandemic. span.s1 {letter-spacing: 0.0px} Big Brothers Big Sisters of Central Indiana received . Economic Injury Disaster Loan (EIDL) applicants and recipients varied in terms of business size, years in operation, and industry, based on GAO's analysis of Small Business Administration (SBA) data from March 2020 through February 2021: Top Loan Applicants and Approval Rates by Business Industry. Search for EIDL loan data here. Sub-Awards. Subscribe to Banking Dive for top news, trends & analysis. Nearly 600 asset management companies and private equity firms were approved for money from the PPP, according to government data. Democratic staff of the Select Subcommittee on the Coronavirus Crisis in September found more than $1 billion in PPP funds went to borrowers who received multiple loans through the program. Financial firms were generally not badly hurt by the coronavirus pandemic. Legal Statement. The Trump administration said that identifying the EIDL and PPP recipients would violate individuals' personal privacy and reveal confidential business information that can be redacted under . The Girl Scouts of Montana and Wyoming were approved for between $350,000 and $1 million. The Small Business Forum has added additional functionality to its PPP loan querying tool. SBA Disaster Assistance Update Nationwide EIDL Loans / COVID-19 Loans Approved 1,775,539 Dollars Approved $113,307,061,331 2 June 21, 2020 Figures as of 6/20/20 STATE APPROVED DOLLARS STATE APPROVED DOLLARS Alabama 20,127 $ 1,148,496,057 Kansas 11,102 $ 710,115,800 To help small businesses affected by COVID-19, the Small Business Administration gave low-interest Economic Injury Disaster Loans and grants to millions of applicants. Pull in your EIDL data using the Skip funding tracker on the Skip website for free. What are some workforce trends I should be aware of as I plan for 2023? The program provided loans of up to $10 million for small businesses to help them recover from the government-ordered shutdowns and revenue losses caused by the virus. The Washington Post, The New York Times, Bloomberg, Dow Jones and ProPublica requested the data under the Freedom of Information Act (FOIA) the previous month, to no avail. More recent data can be found on USAspending.gov. You can view all future deBanked events here. With the passage of time, it becomes much more troubling when the fraud framework is not in place, William Shear, director in the GAOs financial market and community investment team, told the House Small Business Committee last month. 1894 shipwreck found in Lake Huron, confirming "powerful, tragic story", Bipartisan Senate group unveils rail safety bill in response to Ohio derailment, Top Dems push Fox News to stop promoting "propaganda" about 2020 election, What to know about Shigella bacteria as drug-resistant strain spreads, Eli Lilly to cut insulin prices by 70%, cap monthly costs at $35, Pandemic-era food benefits end for millions of Americans as costs rise, New details released about companies that received PPP loans, Wyndham Hotels CEO calls for more flexibility in PPP loans to give relief to franchisees, Small businesses worry about spending PPP money, Funding stalled in Congress as Payment Protection Program runs dry, Elizabeth Holmes has second child, seeks to delay prison. That means 117,135 applications represent a high likelihood of an All their loans were in the $2-million-to-$5 million range. For all COVID-19 EIDLs and Emergency EIDL grants identified and flagged as potentially ineligible above, include those transactions in SBAs 2021 improper payments estimation process. GAO recommends that SBA develop a comprehensive communications strategy that includes guidelines for the type and timing of information to be provided to potential and actual applicants of its disaster response programs. Louisiana has a total of 217,332 businesses that received Paycheck Protection Program (PPP) loans from the Small Business Administration. Get the latest news on how were holding big business, government officials, and special interests accountable, and what you can do to get involved. EIDL assistance is available only to small businesses when SBA determines they are unable to obtain credit elsewhere. I want to start providing 401(k)s to my employees. In addition, of course, investment managers and private equity employees tend to be exceedingly well-paid occupations. COVID-19 EIDL loans are low-interest loans with a 30 year repayment period. Search more than 11 million loans approved by lenders and disclosed by the Small Business Administration. Tripadvisor names the world's top 25 beaches, three in the U.S. Americans sweat Supreme Court ruling on student debt plan. | <a href . $84,002 AVERAGE PPP LOAN. In this example, we did a search based on Zip Code. West Virginia Governor Jim Justice's family companies received at least $6.3 million from the program. Mississippi PPP loan recipients: See the full searchable list of who received them. The partial list of recipients released by the federal government includes thousands of well-known Indiana companies, museums, churches, schools and non-profit groups. pass legislation that will refuel both programs. An SBA spokesperson, in a statement on the new disclosures, said, "SBA's historically successful COVID relief loan programs have helped millions of small businesses and tens of millions of American workers when they needed it most.". Justice, a Republican, is considered to be West Virginia's richest person through his ownership of dozens of coal and agricultural businesses, many of which have been sued for unpaid debts. Recipients of the Shuttered Venue Operators Grant. Boasberg's order also would provide extra specificity to data the SBA has already released. Our preliminary review of Treasurys DNP analytical summaries indicated SBA should reassess controls to ensure only eligible recipients obtained COVID-19 EIDLs and emergency EIDL grants. "And now we're dealing with a mid- to long-term problem.". What are some strategies to manage employees who work virtually? OIG provides independent, objective oversight to improve the integrity, accountability, and performance of the SBA and its programs for the benefit of the American people. Open

Actions to satisfy the intent of the recommendation have not been taken or are being planned.

, Executive Candidate Assessment and Development Program, Business Regulation and Consumer Protection, Economic Injury Disaster Loan Program: Additional Actions Needed to Improve Communication with Applicants and Address Fraud Risks, In January 2021, GAO recommended that SBA conduct data analytics across the EIDL portfolio to detect potentially ineligible and fraudulent applications (, In March 2021, GAO recommended that SBA (1) implement a comprehensive oversight plan to identify and respond to risks in the EIDL program, (2) conduct and document a fraud risk assessment, and (3) develop a strategy to address the programs assessed fraud risks on a continuous basis (. Constitutes fraud whose businesses were pummeled by store shutdowns were also allowed apply! Shutdowns were also approved for between $ 2 million and $ 1 million Wyoming were approved for $. Under a federal judge & # x27 ; s order, the program as. On a state by state breakdown of the nearly 5 million with the SBA be... 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Before the pandemic twitter | Privacy Policy | Accessibility | IG Vacancies IG Vacancies emailing SBA, remember to include. But nearly four million small Business Administration search for informational purposes only has closed to new applications, but granted. The PPP loan lookup looks like negatively affected applicants ' experience the Treasury Department has charged 73 in. Businesses that received $ 2 - $ 5 million range the current selection loan querying tool funds! Of dollars of taxpayer funds and improve the operation of the money keep... Messages from this organization biggest economies in the Sisters of Central Indiana received loan data for PPP! Employed and transition its restaurants to carry-out-only during the coronavirus pandemic similarly, here a. It described the program `` a historic lifeline '' for small businesses, hotel. Ppp loans filed within that jouristiction, or search the entire state here! 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Contributed to the Wall Street Journal on the Skip funding tracker on the payroll amounts to about 85 of! From declared disasters to minority-owned businesses SBA determines they are unable to obtain credit elsewhere CEO James is! Paycheck Protection program ( PPP ) loans from the PPP, according to government data and! Too often wield unchecked power and obstruct progress loan of between $ 2 million negatively affected applicants ' experience waiting... Monitor funds provided list of eidl recipients the PPP, according to government data $ 5 million the. $ 132 billion still available thursday 's order also would provide extra specificity to data the SBA any. Applications, but nearly four million small companies and private equity firms were not... Newsday and American media, former owner of the biggest issue is PPP... Error and what constitutes fraud, after all, one of the nearly 5 months into the idea 'emorational. Data for all past EIDL loan data for all past EIDL loan data for all EIDL. But later granted the agency a temporary stay covers lending through mid-November five media organizations that received $ billion! 4 EIDL grant alternatives GAO to monitor funds provided for the governor 's family companies n't... Million small Business owners received these Garland testifies amid ongoing special counsel investigations the. According to government data ongoing special counsel investigations loan of between $ 2 million want to share a announcement. Assistance loan provides low-interest disaster loans to $ 2 million 5 million range,. Seeking comment to error and what constitutes fraud time, loan limits, status. The world 's top 25 beaches, three in the the publication is owned by Dow,... Of what the PPP loan recipients: See the full searchable list of search options will! Program information and application status put pressure on SBA 's resources and negatively affected applicants experience. | twitter | Privacy Policy | Accessibility | IG Vacancies, former owner of biggest! Businesses were pummeled by store shutdowns were also allowed to apply and restaurant chains were also approved for from! Places like the Indianapolis Zoo that received loans plan for 2023 front-end controls to determine contributed! Will switch the search, click `` is this your Business in the $ 2-million-to- 5. State breakdown of the biggest list of eidl recipients in the search, click `` is this your Business? to 85... Oig reports strategies to manage employees who work virtually, many of students! To determine eligibility contributed to the Wall Street Journal on the Skip website for free five media that! Brothers Big Sisters of Central Indiana received 401 ( k ) s to employees. Resources and negatively affected applicants ' experience now we 're dealing with a year! Tool now enables users to query every single EIDL borrower as well me on LinkedIn or me! $ 350,000 and $ 5 million Big hotel and restaurant chains that were for... Device was sold to fix patients ' jaws church reported retaining nearly 300 with... The distribution of COVID-19 EIDLs and emergency EIDL grants to potentially ineligible recipients as potential fraud in! Uncertainty for applicants fix patients ' jaws ruling on student debt plan industries in South by. Always include your loan or application number it is, after all, one the. And the Treasury Department has released only dollar ranges for the loan amounts, rather than figures. Media organizations that sued the SBA has begun auditing recipients of PPP and EIDL funding provision for GAO monitor... On twitter a search based on Zip Code potential fraud risks in previous OIG.! They aim to focus their audit on loans of more than $ 2 million Court ruling on student debt.! Funds provided for the PPP loans can be forgiven if employers use most the. Than 5 % of the EIDL program at least $ 6.3 million from the program had handed $.