Report 9-13 – Application of Insurance Offsets on Disaster Loans for the Midwest Floods of 2008

This report summarizes the results of our audit of the Small Business Administration’s (SBA) Application of Insurance Offsets on Disaster Loans for the Midwest Floods of 2008. Under the Stafford Act Federal agencies administering disaster benefits must ensure that individuals receiving assistance have not already been compensated for their losses by another program, from insurance, or from any other source. The audit objective was to determine whether SBA properly reduced Midwest flood loan balances to reflect insurance offsets.