Trump Admin Announces It Has Suspended Thousands Of ‘Minnesota Borrowers’ Over Suspected Fraud

Small Business Administration (SBA) Administrator Kelly Loeffler announced late Thursday that her agency was suspending thousands of “Minnesota borrowers” amid “suspected fraudulent activity” involving COVID pandemic-era lending programs.

Loeffler wrote in an X post that the SBA had taken action to suspend 6,900 borrowers in Minnesota after reviewing “thousands” of potentially “fraudulent” Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) loans approved in the state. She added that “borrowers” in the state suspected of fraud had been approved for 7,900 PPP and EIDL loans totaling $400 million.

“In total, these borrowers were approved for 7,900 PPP and EIDL loans worth approximately $400M,” Loeffler wrote in the social media post. “These individuals will be banned from all SBA loan programs, including disaster loans, going forward. We will also refer every case, where appropriate, to federal law enforcement for prosecution and repayment.”

“After years, the American people will finally begin to see the criminals who stole from law-abiding taxpayers held accountable – and this is just the first state,” Loeffler continued.

Democratic Minnesota Gov. Tim Walz’s