The Small Business Administration (SBA)has referredover 550,000 suspected fraudulent loans with a total value of more than $22 billion to the Treasury for investigation.

The borrowers “are tied to $22.2 billion in delinquent Paycheck Protection Program (PPP) and COVID Economic Injury Disaster (EIDL) loans,” the SBA said.

The PPP was a COVID-19-era loan program that helped businesses retain their employees, and EIDL provided loans and advances to businesses to help them recover from the worst impacts of the pandemic.

According to the SBA, about $200 billion of the $1.2 trillion in PPP and EIDL loans handed out between 2020 and 2021 were fraudulent.

The Biden administration failed to refer 562,000 suspected fraudulent loans to the Treasury.

“Until today, none of the 560,000 borrowers had been compelled to repay the $22.2 billion they owed American taxpayers. Fewer than 1,000 of these borrowers had been subject to investigations by the SBA Office of Inspector General,” the SBA said.

“With today’s referral, Treasury will begin collecting on the outstanding debt as part of the Trump Administration’s commitment to recouping stolen pandemic-era funds on behalf of American taxpayers and small business owners.”

The referral is the largest in SBA history. It has been coordinated with the new White House Task Force to Eliminate Fraud, headed by Vice President JD Vance.

The Task Force was established in mid-March by President Trump, who described it as a “very big thing.”

“The kind of money we’re talking about is country-changing,” the President said.

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