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EDA Needs to Improve Oversight of CARES Act Revolving Loan Funds to Ensure Loans Are Made to Eligible Borrowers and Used as Intended
| Date Issued | April 30, 2025 |
|---|---|
| Report Number | OIG-25-019-A |
| Report Type | Audits / Evaluations |
| Description | Our audit found that loan costs claimed were not allowable, allocable, and reasonable. Specifically, four revolving loan fund (RLF) operators awarded 11 of the 19 loans (58 percent), totaling $4,020,050, to borrowers that did not meet the eligibility criteria in RLF operator plans, and funds were not used for purposes as intended by the Coronavirus Aid, Relief, and Economic Security Act of 2020. |
| View Report | OIG-25-019-A (SECURED) |
| View Announcement | EDA_RLF_Costs_Claimed_Audit_Announcement_Memorandum_SECURED |
| View Abstract | OIG-25-019-A_Abstract (SECURED) |
