Sec. 10. SBA Inspector General review
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In this section— the term covered amounts means amounts made available for the cost of direct loans authorized by section 7(b) of the Small Business Act ( 15 U.S.C. 636(b) ); and the term Inspector General means the Inspector General of the Administration. The Inspector General shall conduct a review of the circumstances surrounding the funding shortfall with respect to covered amounts, as described in— the letter from President Joseph R. Biden, Jr. entitled Letter to Congress on Disaster Needs , dated October 4, 2024; and the letter from the Administrator submitted to the Chair and Ranking Members of the Committees on Appropriations of the Senate and the House of Representatives, dated October 10, 2024.
The review required under paragraph
(1)shall include the following with respect to the funding shortfall described in that paragraph: The identification of any reporting or notification requirements in statute that the Administration failed to provide to Congress with respect to the funding shortfall. The reason for any obligation or expenditure of covered amounts for a purpose that significantly diverged from the purpose for which the covered amounts were made available. An analysis of the accuracy of projections and estimates relevant to the divergences described in subparagraph (B). The identification and description of any internal controls in place to manage covered amounts. An analysis of the impact that any reorganization of the Administration, including the transfer of administrative authority for the program carried out under section 7(b) of the Small Business Act ( 15 U.S.C. 636(b) ) to the Office of Capital Access of the Administration, may have had with respect to the funding shortfall. The identification of actions that the Administration can take to— improve the accuracy of information submitted by the President under section 1105(a) of title 31, United States Code, with respect to the Administration; prevent any future funding shortfall with respect to any account of the Administration; and improve the report submitted to the appropriate committees of Congress under section 12091(a) of the Small Business Disaster Response and Loan Improvements Act of 2008 ( 15 U.S.C. 636k(a) ). Any other matter determined relevant by the Inspector General. Not later than 180 days after the date of enactment of this Act, the Inspector General shall submit to the appropriate committees of Congress a report that contains the findings of the review carried out under subsection (b).
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