- The Small Business Administration (SBA) launched a significant fraud prevention effort, focusing on pandemic relief programs.
- Over 100,000 borrowers in California were identified as part of this crackdown.
- The initiative involved suspending more than 111,000 borrowers suspected of engaging in fraudulent activities.
- The suspected abuses pertained to loans amounting to $9 billion, underscoring the scheme’s massive scale.
- This crackdown was conducted under the Trump administration’s SBA, highlighting a proactive approach to identifying and preventing pandemic-related loan fraud.
- The action reflects ongoing efforts to maintain the integrity of emergency relief programs designed to support businesses during the pandemic.
Source: https://www.foxnews.com/politics/sba-freezes-100000-california-borrowers-sweeping-9b-pandemic-fraud-crackdown)
