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.
In response to COVID-19, Congress created the Paycheck Protection Program to help small businesses get low-interest loans. The Small Business Administration guarantees the loans—so if a borrower defaults, SBA will buy the loan from the lender.
The Small Business Innovation Research Program seeks to stimulate technological breakthroughs by channeling federal research and development funds to small businesses. In 2017, 11 federal agencies awarded $2.3 billion to participants.
What GAO Found More than 60 smaller depository institutions told GAO that regulations for reporting mortgage characteristics; reviewing transactions for potentially illicit activity; and disclosing fees, conditions, and mortgage terms to consumers were the most burdensome.
What GAO Found To comply with the Regulatory Flexibility Act (RFA), agencies generally must assess the rule's potential impact on small entities and consider alternatives that may minimize any significant economic impact of the rule (regulatory flexibility analyses).
What GAO Found The Small Business Administration (SBA) has established lending standards to protect against default and has measured program performance, but lacks guidance on determining the number of jobs supported by 504 program-funded projects.
What GAO FoundIn summary, based on our work to date, we have found thatPrograms that support entrepreneurs overlap based not only on their shared purpose of serving entrepreneurs but also on the type of assistance they offer.
The Federal Reserve Board's (FRB) Regulation B, which implements the Equal Credit Opportunity Act of 1974 (ECOA), generally prohibits lenders from collecting certain data from loan applicants, such as their race or gender, for nonmortgage loans (e.g., small business loans).
During a hearing in 2004 on the financial services industry, congressional members and witnesses expressed concern about the industry's lack of workforce diversity, particularly in key management-level positions. Witnesses stated that financial services firms (e.g.
Telecommuting, or telework--meaning work that is performed at an employee's home or at a work location other than a traditional office--has gained widespread attention over the past decade in both the public and private sectors, offering a variety of potential benefits to employers, employees, and society....