More charges of deceitful exploitation of federal government programs continue to emerge in Minnesota with the Small Business Administration (SBA) announcing Thursday it has suspended 6,900 borrowers after finding widespread suspected fraud in pandemic-era loans.
SBA Administrator Kelly Loeffler said a review of thousands of Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) loans approved in Minnesota revealed nearly $400 million in potential fraud.
“In total, these borrowers were approved for 7900 PPP and EIDL loans worth approximately $400M,” she wrote on X on Thursday.
“These individuals will be banned from all SBA…
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