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SBA suspends over 100,000 California borrowers in pandemic fraud investigation

Sat, Feb 07, 26

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The SBA suspends 111,620 borrowers who received pandemic loans. They are suspected of fraud. The loans total about $8.6 billion.

The SBA has suspended over 100,000 California borrowers because of suspected fraud. These borrowers received pandemic loans called PPP and EIDL loans. The total amount is about $8.6 billion.

SBA Administrator Kelly Loeffler says this is the biggest fraud action. The SBA also found fraud in Minnesota with 6,900 borrowers. The SBA is investigating state by state.

They want to find criminals and get the money back.

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Comprehension Quiz

Question 1 of 30 Correct

What do PPP and EIDL stand for?

Personal Protection Program and Emergency Injury Disaster Loan

Paycheck Protection Program and Economic Injury Disaster Loan

Public Protection Program and Economic Insurance Disaster Loan

Personal Payment Program and Emergency Insurance Disaster Loan

Select an answer above