ROM 11-06– Material Deficiencies Identified in Five 7(a) Recovery Act Loans Resulted in $2.7 Million of Questioned Costs
… of $2.7 million and warrant immediate attention by the SBA. These loans are part of a judgmental sample of 25 … September 30, 2010. The audit found that lenders and the SBA did not originate and close the five 7(a) Recovery Act loans in accordance with the SBA’s rules and regulations, and commercially prudent lending …