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.
Disasters affect hundreds of American communities each year and cause billions of dollars in damage. While federal recovery assistance is available, many disaster survivors face barriers in accessing this assistance.
Federal agencies participating in the Small Business Innovation Research and Small Business Technology Transfer programs awarded over $3 billion to small businesses in FY 2020 to develop and commercialize new technologies.
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.
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.