GAO finds $325M awarded to ineligible firms under SBA program
The president of a federal contracting firm owned a $450,000 yacht, a $200,000 Lamborghini and a $2.5 million home but still qualified for Small Business Administration incentives for the disadvantaged — one of 14 cases of fraud and other misuses of the program outlined in a new report from the Government Accountability Office.
The GAO investigation found that federal agencies improperly awarded $325 million in small-business set-aside and sole-source contracts to firms not eligible for the small-business designation.
