The U.S. Small Business Administration (SBA) has suspended more than 111,000 California borrowers and will seek to recoup $8.6 billion in suspected fraudulent aid linked to the Covid pandemic.
SBA Administrator Kelly Loeffler revealed the action Friday following a visit to San Diego, where she detailed suspected fraudulent activity across SBA pandemic-era loan programs, including 118,489 Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) loans.
However, California’s troubles when it comes to fraudulent capture of federal funds may have just begun. The SBA announcement could be seen as the Trump administration’s opening…
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