SBA suspends nearly 7,000 Minnesota borrowers over suspected $400M pandemic loan fraud
The Small Business Administration (SBA) announced Thursday that it suspended 6,900 Minnesota borrowers after uncovering what it says is widespread suspected fraud. SBA Administrator Kelly Loeffler said the agency reviewed thousands of Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) loans approved in Minnesota, and identified nearly $400 million in potentially fraudulent loans tied to borrowers in Minnesota. "These individuals will be banned from all SBA loan programs, including disaster loans, going forward," Loeffler wrote on X. Loeffler said the agency will refer appropriate cases to federal law enforcement for prosecution and repayment. TRUMP TARGETS MINNESOTA FRAUD ALLEGATIONS, SAYS ‘WE’RE GOING TO GET TO THE BOTTOM OF IT’ "After years, the American people will finally begin to see the criminals who stole from law-abiding taxpayers held accountable — and this is just the first state," she stated. The suspected fraudulent activi...