Four years after the SBA was widely criticized for how it handled the processing of disaster relief loans following Hurricane Katrina in 2005, the U.S. Government Accountability Office said the agency has met half of the recommendations suggested for improvement.
The GAO has just released a report on additional steps the SBA should have taken by now to reform its disaster loan program and improve the application process for future disasters. Of the 26 requirements for improvement, the SBA has met 13, partially addressed eight and did not take action on five, which are not applicable at this time because they are discretionary or establish the need for additional appropriations, according to the GAO.
Formed in 1953, the SBA's disaster loan program is the primary federal program for funding long-term recovery assistance through low-interest loans to homeowners, renters, businesses of all sizes and nonprofit organizations. Since its formation, the program has approved more than $46 billion in disaster loans.
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