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The SBA was created on July 30, 1953, by Republican President Eisenhower with the signing of the Small Business Act, currently codified at 15 U.S.C. ch. 14A.The Small Business Act was originally enacted as the "Small Business Act of 1953" in Title II (67 Stat. 232) of Pub. L. 83–163 (ch. 282, 67 Stat. 230, July 30, 1953); The "Reconstruction Finance Corporation Liquidation Act" was Title I ...
The Inspector General Act of 1978 mandated many federal departments to create Offices of Inspector General. The Act imposed a requirement on inspectors general to report both to their agency heads and to Congress. The Inspector General of the Department of State was one of the last federal OIGs to be created. [5]
Example of an OIG report, from the DoD OIG [a] Some inspectors general, the heads of the offices, are appointed by the president and confirmed by the Senate. [21] For example, both the inspector general of the U.S. Department of Labor and the inspector general of the U.S. Agency for International Development are
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The SBA inspector general, Hannibal “Mike” Ware, said in a statement Tuesday that the report "utilizes investigative casework, prior (inspector general) reporting, and cutting-edge data ...
Inspector General Act of 1978; Long title: An Act to reorganize the executive branch of the Government and increase its economy and efficiency by establishing Offices of Inspector General within the Departments of Agriculture, Commerce, Housing and Urban Development, the Interior, Labor, and Transportation, and within the Community Services Administration, the Environmental Protection Agency ...
OIG accomplishments are reported in semiannual reports to the Congress. [2] OIG’s published plans and reports, [3] testimony, [4] and press releases [5] are available on its Web site. [6] The underlying law laying out the OIG's authority, responsibility, and reporting requirements is the Inspector General Act of 1978, as amended. [7]
Bankrate insight. For the 2023 fiscal year: The SBA has approved 57,362 7(a) loans vs. 5,924 504 loans. The average loan size is $479,685 for the SBA 7(a) loan vs. $1,083,622 for the 504 loan