NC Audit: Virus Business Relief Program Lacks Monitoring

RALEIGH, N.C. — A new North Carolina state audit says a nonprofit foundation that received $83 million to lend to small businesses struggling with the COVID-19 pandemic didn’t create procedures to ensure the public money was used properly.

The performance audit released Wednesday looked at federal coronavirus relief funds the legislature sent to Golden LEAF in 2020 for its Rapid Recovery Loan Program.

The foundation’s top leader took issue with the findings from State Auditor Beth Wood’s office.

More than 1,250 loans were initiated thanks to the money.

Borrowers must certify they’ll use the money properly, but the audit contends little else was done to ensure compliance.