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SBA suspends nearly 7,000 Minnesota borrowers over suspected $400M pandemic loan fraud
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SBA suspends 6,900 Minnesota borrowers over suspected $400 million fraud scheme involving PPP and disaster loans during COVID-19 pandemic response.
News
SBA says it has suspended ‘6,900 Minnesota borrowers’ over suspected fraud
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Small Business Administration (SBA) Administrator Kelly Loeffler said Thursday night that her agency has suspended "6,900 Minnesota borrowers” over suspected fraudulent activity regarding COVID-era lending programs. Loeffler said the SBA over the last week reviewed “thousands” of potentially “fraudulent” Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) payouts that were approved in Minnesota. ...