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The Small Business Administration (SBA) recently suspended nearly 7,000 Minnesota borrowers for suspected fraud in pandemic-era small business loans totaling nearly $400 million.
“We worked through the holidays, from Thanksgiving up to New Year’s on about 20,000 different files, found about 8,000 instances of fraudulent loans, and moved quickly to make sure that those borrowers … could never access the services of the SBA again,” said SBA Administrator Kelly Loeffler.
They’ll now be taking the same model to investigate other states for COVID-era abuse of the Paycheck Protection Program and Economic Injury Disaster Loans.
In this episode, I sat down with Loeffler to understand her work targeting fraud nationwide, bolstering domestic manufacturing, cutting regulations, and ending politically motivated debanking.
Loeffler grew up on a family farm in Illinois, was the first in her family to graduate from college, and later became a successful businesswoman in finance and FinTech before becoming a U.S. senator and now head of the SBA.
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