- The Trump administration disclosed a major case of fraud involving $8.6 billion in pandemic loan funds attributed to small businesses in California.
- The revelation detailed fraudulent activities under the pandemic relief programs, managed by the Small Business Administration (SBA).
- The SBA took action by suspending over 111,000 borrowers involved in the fraudulent activity.
- This incident highlights significant oversight challenges in distributing pandemic relief funds intended for struggling small businesses.
- In a political reaction, Kelly Loeffler criticized the Biden administration, potentially to underscore ongoing issues in federal financial oversight and accountability.
Source: https://www.foxnews.com/politics/trump-admin-uncovers-staggering-8-6-billion-suspected-california-small-business-fraud)
