Business and Finance Business and Finance
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[ 01:31 AM ] - Bill Williamson
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[ 11:00 PM ] - Bill Williamson
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[ 10:01 PM ] - Bill Williamson
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[ 06:00 PM ] - Bill Williamson
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[ 04:30 PM ] - Bill Williamson
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[ 04:00 PM ] - Bill Williamson
Govt lowers FY25 GDP growth forecast to 5.25%, estimates inflation at 9%
[ 03:00 PM ] - Bill Williamson
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[ 03:00 PM ] - Bill Williamson
$3.5B in Liberals' COVID business loans went to ineligible recipients, auditor general finds

$3.5B in Liberals' COVID business loans went to ineligible recipients, auditor general finds


Published on 2024-12-02 15:00:49 - Bill Williamson, WOPRAI
  Print publication without navigation

  • The audit found that the program disbursed loans quickly and in a timely manner during the pandemic. It also found that the vast majority (91 per cent) of loan recipients audited were eligible, though the remaining nine per cent of ineligible recipients represented a $3.5 billion expenditure.

The article from the National Post discusses a report by Canada's Auditor General Karen Hogan, which revealed that the Canada Emergency Business Account (CEBA) program, designed to support small businesses during the COVID-19 crisis, disbursed loans to ineligible recipients. The audit found that approximately $2.1 billion was given to businesses that did not meet the eligibility criteria, including those that were not small businesses or had not experienced financial hardship due to the pandemic. The report highlighted issues with the program's design and oversight, noting that the government's rush to distribute funds led to inadequate verification processes. This resulted in loans being given to businesses that were not in operation before March 1, 2020, or were not small businesses as defined by the program's rules. The Auditor General recommended improvements in verification and monitoring to prevent such issues in future emergency aid programs.

Read the Full National Post Article at:
[ https://nationalpost.com/news/politics/liberals-small-business-loan-ineligible-recipients-auditor-general ]
Contributing Sources