GAO’s reports and testimonies give Congress, federal agencies, and the public timely, fact-based, non-partisan information that can improve government operations and save taxpayers billions of dollars.
States spend billions of dollars on incentives to attract and retain businesses. Some question their cost and effectiveness. Do federal funds play a part in these incentives?
In 6 large state business incentive packages we reviewed, federal economic development funds were not directly used.
To help small businesses affected by COVID-19, the Small Business Administration gave low-interest Economic Injury Disaster Loans and grants to millions of applicants. These funds totaled $224 billion as of February 2021.
To get more federal funds to areas with long-term poverty, some federal agencies have to follow the "10-20-30 formula"—use at least 10% of certain grant, loan, and other program funds in counties with poverty rates of at least 20% over the last 30 years.
Katrina, Sandy, Harvey, and Irma—4 of the costliest hurricanes in the U.S. since 2005—caused damage totaling trillions of dollars. Their effects on economic activity and employment in damaged areas varied widely.