Many small businesses used certain SBA programs, such as Paycheck Protection Program loans and Economic Injury Disaster Loans (EIDL), as lifelines to stay afloat during the pandemic. Unfortunately, a number of people tried to game the system or simply steal, draining resources that could otherwise be used for legitimate purposes. According to a report from the SBA Inspector General, more than 300 fraudsters have been brought to justice and nearly $1 billion seized or recovered through the end of October 2021. #IdeaoftheDay
Barbara Weltman
Big Ideas for Small Business, Inc.
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BOI reporting cont'd. But this isn’t the end of the story. The government filed a notice of appeal with the appellate court, and FinCEN says “deadline stay—voluntary submission only” (https://bit.ly/3ZpKxwU Note: There are cases challenging CTA that are still pending.