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SBA Mistakenly Paid Out $692 Million In Duplicate PPP Loans: Watchdog

Just when you thought the Paycheck Protection Program couldn’t get more fraudulent, an internal watchdog for the US Small Business Administration (SBA) acknowledged that $692 million in duplicate small-business pandemic relief loans were issued due to ‘technical errors and other mistakes,’ according to Reuters.

Lenders participating in the Paycheck Protection Program (PPP) distributed the cash to 4,260 borrowers who had already received funds due to multiple technical glitches within the SBA’s loan processing systems, which struggled to process the volumes of loans, the SBA Inspector General wrote in a report.

The watchdog did not say how much if any of the $692 million mistakenly distributed by lenders had subsequently been reimbursed by the government. It initially said it would only guarantee one loan per borrower, meaning lenders, rather than the taxpayer, may be on the hook for the error. –Reuters

https://www.zerohedge.com/bailout/sba-mistakenly-paid-out-692-million-duplicate-ppp-loans-watchdog

1 thought on “SBA Mistakenly Paid Out $692 Million In Duplicate PPP Loans: Watchdog”

  1. Oh my did not expect that!!!
    So lets re-cap
    -First it was the NWO/Masonic/UN led 1000 points of light, gulf war 1
    -Clinton’s theft of social security equity to pay off the debt
    – THEN 911 (the pentagon & WTC attacks erased all records of missing pentagon billions & gold in bldg 7)
    – 911 the Patriot act(more $$$ wasted, nothing patriotic about patriot act, it removed of our rights and stomps on the Constitution)
    -Bush II / Gulf war II- DEBT BACK UP! & NOW INCLUDES SSN DEBT created by CLINTON
    -Obama’s shove it ready jobs, obama care, marixst operatives place in key positions etc, etc
    – Now trillions later after another luciferian physc op (covid)
    -theft of more American FREEDOM is continued by democrats COLLUDING WITH CHINA ON COVID
    -election theft by the swamp to try and silence the removal of these marxist traitors by our FIRST HONEST PRESIDENT!!
    -WITH help from republicans lodge buddy system. These interopers and biden will fix all of it!
    Please correct me if I have my sequences incorrect. We can probably go back to Kennedy when all this really started over the FED!! The tree of liberty long overdue for some watering

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