03/20/2024
In a new regulation upending the 7(a) program, SBA ignored the lessons in fraud mitigation learned through the Paycheck Protection Program, especially the risks financial technology and unregulated lenders posed to government-backed loans.
The SBA is now giving these risky lenders unlimited access to a key SBA program, along with reducing protections for American taxpayers.
Reports show that one of these risky lenders, Funding Circle, has an ACTIVE investment from China!
Did SBA know it was giving a company partially owned by the CCP access to U.S. taxpayer-funded loans?
Based on the SBA’s recent track record, Ranking Member Senator Joni Ernst says she has ZERO confidence in the agency to do proper due diligence to protect the 7(a) program from Chinese influence.