While the Small Business Administration (SBA) implemented several layers of controls to prevent foreign entities from perpetrating fraud within the agency’s COVID-19 Economic Injury Disaster Loan (EIDL) application system, some individuals with foreign-based IP addresses were still able to access th...
In summary, Elon Musk's support for the SBA's anti-fraud initiatives aligns with a growing collective demand for greater accountability and transparency within federal loan programs. The introduction of robust measures that include critical age verification signifies a proactive approach to mitigate the...
The basis of this policy requires that all applicants provide their date of birth when submitting direct loan applications. This significant requirement is not merely procedural; it is a direct response to alarming cases of fraud that have come to light recently. For instance, the DOGE (Department...