The Small Business Jobs Act of 2020, signed into law on September 27, 2010, was created to help small businesses create jobs to drive the economic recovery. The Act created the Small Business Lending Fund (SBLF) program administered by the Department of the Treasury (Treasury) to make capital investments in eligible institutions to increase the availability of credit for small businesses. The Act also created the State Small Business Credit Initiative (SSBCI), administered by Treasury to strengthen state programs that support lending to small businesses. Treasury is responsible for overseeing an estimated $4 billion in SBLF program funds and $1.5 in SSBCI funds distributed to financial institutions.
OIG provides oversight of the SBLF Program and SSBCI. The OIG must report at least twice a year to the Secretary of the Treasury and Congress on the results of its SBLF oversight activities, including recommended program improvements. It is also required to conduct and coordinate audits and investigations of the use of funds made available to states and territories under the SSBCI. The Assistant Inspector General for Audit serves as the Special Deputy Inspector General for SBLF Program Oversight.
SBLF Program and SSBCI Reports