Main Street Monday – OIG Outlines SBA Audit Review Priorities
February 7, 2022
Delaney Sexton
Contributing Editor
Main Street Monday – OIG Outlines SBA Audit Review Priorities
“This oversight plan outlines the U.S. Small Business Administration Office of Inspector General’s audit and review priorities. In addition to our statutory mandates, we continue to focus on programs and operations that pose the highest risk to SBA operations, including programs designed to provide economic relief to businesses in response to the Coronavirus Disease 2019 (COVID-19) pandemic,” reads the OIG’s Audit Divisions Oversight Plan.
The mandatory work they are planning to execute is:
• SBA’s Compliance with 2021 Improper Payments Reporting Requirements
• SBA’s FY22 Federal Information Security Management Act Reporting Process
• SBA’s FY22 Financial Statements Audit
• SBA’s Controls over Cash Contributions and Gifts
• SBA’s Controls over its Charge Card Programs
This year, the OIG is planning to review many aspects of the PPP and EIDL programs including:
• EIDL Recipients on the Department of Treasury’s Do Not Pay List (Round 2)
• Overview of OIG’s Findings for the COVID-19 EIDL Program (Capstone Report)
• SBA’s Reconsideration Process for COVID-19 EIDLs
• SBA’s Controls Used to Validate Bank Accounts for COVID-19 EIDL Disbursements
• SBA’s Implementation of the Targeted EIDL Advance Program to Low-Income Communities
• Applicant Eligibility for COVID-19 EIDL
• Eligibility and Forgiveness PPP Loans Exceeding Maximum Size Standards
• Eligibility and Forgiveness of PPP Loans Made to Borrowers on the Department of Treasury’s Do Not Pay List
• Eligibility and Forgiveness of PPP Loans over $2 million
• PPP Loan Guaranty Purchase Process
• PPP Loans Made by Lenders that Relied on Third-Party Processors
Other plans include:
• Review of 7(a) Lending for FY20 and FY21
• Review of 504 Certified Development Company Loan Program Lending for FY20 and FY21
• SBA’s Oversight of the Restaurant Revitalization Fund
• SBA’s Oversight of SVOG Recipients Compliance with Award Requirements
• SBA’s Oversight of Small Business Development Center’s Compliance with Grant Requirements
• SBA’s Implementation of the Community Navigators Program