Excellent article about SBA inefficiencies

My opinion is that the SBA will play the fraud card even if millions of businesses will go down and hardly any get funded. They are more worried of the F word, and they are convinced the IRS is the only one which can solve this problem. We are in 2021 and there are tons of technology to check for fraud. Some of the online loan platforms like sofi.com, upgrade.com, upstart.com ,.etc give loans rather quickly without 4506 and I am sure their fraud rates are low. Just checking bank accounts would mitigate a lot of the fraud they are so worried about.

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SoFi

My opinion is that the SBA will play the fraud card even if millions of businesses will go down and hardly any get funded. They are more worried of the F word, and they are convinced the IRS is the only one which can solve this problem. We are in 2021 and there are tons of technology to check for fraud. Some of the online loan platforms like sofi.com, upgrade.com, upstart.com ,.etc give loans rather quickly without 4506 and I am sure their fraud rates are low. Just checking bank accounts would mitigate a lot of the fraud they are so worried about.

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