As of Friday,
@SBAgov
now:
– Requires date of birth collection for all direct loan applications
– Pauses the direct loan process for those under 18 and above 120 years old

Basic sanity checks like these are initial steps towards minimizing fraud in government payment programs.

The Small Business Administration (SBA) has announced new measures aimed at reducing fraud in its direct loan application process. As of Friday, all applicants will now be required to provide their date of birth when submitting applications for direct loans. This change is intended to enhance verification processes and ensure that loan applicants are who they claim to be.

In addition, the SBA has paused the direct loan process for individuals under the age of 18 and those over 120 years old, implementing basic age checks to further prevent potential fraudulent activities. These initial steps reflect the agency’s commitment to safeguarding taxpayer funds and ensuring that government payment programs are not exploited. The SBA’s updates come as part of a broader initiative to tighten controls and improve the integrity of its lending practices, responding to increasing concerns about fraud in federal programs.

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