[Canada] Pandemic small business loan programme lacked ‘value for money’

In Canada, the auditor general has stated that the small business loan programme the federal government rolled out during the pandemic wasn’t managed in a cost-effective way, EverythingGP reports.

Auditor general Karen Hogan said the Canada Emergency Business Account programme wasn’t managed with “due regard for value for money.”

The programme reportedly lent 898,000 small businesses $49.1 billion during the pandemic to help cover expenses such as rent and payroll.

The auditor general’s report estimates that $3.5 billion was distributed to recipients that were ineligible.

Ms Hogan said Export Development Canada - responsible for the programme - acted quickly to get the loans out.

However, the report says the Crown corporation relied on sole-source contracts and a single vendor without strong checks and balances.

Source: EverythingGP

(Quote via original reporting)

In Canada, the auditor general has stated that the small business loan programme the federal government rolled out during the pandemic wasn’t managed in a cost-effective way, EverythingGP reports.

Auditor general Karen Hogan said the Canada Emergency Business Account programme wasn’t managed with “due regard for value for money.”

The programme reportedly lent 898,000 small businesses $49.1 billion during the pandemic to help cover expenses such as rent and payroll.

The auditor general’s report estimates that $3.5 billion was distributed to recipients that were ineligible.

Ms Hogan said Export Development Canada - responsible for the programme - acted quickly to get the loans out.

However, the report says the Crown corporation relied on sole-source contracts and a single vendor without strong checks and balances.

Source: EverythingGP

(Quote via original reporting)