Banks are largely off the hook from checking for fraud under the $670 billion small-business lending program, putting the onus on the Small Business Administration
WASHINGTON—The Small Business Administration’s $670 billion aid package for coronavirus fallout lacks one of its usual bulwarks against fraud and improper spending, which could strain efforts to ensure the money is spent appropriately.
The SBA normally counts on lenders to audit the small-business loans it backs. But to ensure the new Paycheck Protection Program loans reached recipients quickly, Congress largely absolved the banks of the time-consuming responsibility of checking for fraud or egregious errors, so long as borrowers...
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