“After extensive review, and with the strong support of the White House Anti-Fraud Task Force, we are taking our most decisive action yet to end a Biden-era scheme that protected over 560,000 borrowers tied to more than $22 billion in suspected pandemic-era fraud,” Loeffler said.
The SBA said none of the more than 560,000 borrowers had been compelled to repay the $22.2 billion owed, and fewer than 1,000 were under investigation by the SBA’s Office of Inspector General.
“For years, the Biden Administration shielded these borrowers from debt collectors as part of a de facto amnesty scheme — but today, they will finally face accountability,” Loeffler continued.
“The SBA is deeply grateful to the U.S. Department of the Treasury for its partnership in this historic action, and we look forward to continued collaboration as we work to claw back stolen taxpayer dollars and hold fraudsters accountable.”
In addition to referring the loans for collection, the SBA has referred the borrowers to the Justice Department.