Announcing the SBA Gave Out $4.5 Billion in Needless EIDL Loans in 2020 to sole proprietors and independent contractors that didn’t have it coming is pouring more salt on the wound for many small business owners.
According to the Office of Inspector General, 15 sole proprietors claimed to have had 1,000,000 employees without an Employer Identification Numbers (EIN). Forty other applicants claimed to have had more than 100,000 employees.
The impact to small business owners was the over disbursement depleted the available EIDL funds. This of course meant these deserving owners couldn’t get the money they needed and deserved.
Small Business News – October 15, 2021
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This article, “In the News: $4.5 Billion in Wrongful EIDL Small Business Grants Awarded” was first published on Small Business Trends