Referred for Collection

Today, the SBA referred 562,000 borrowers to @USTreasury for collection on $22.2 BILLION in potentially fraudulent pandemic-era loans, marking the LARGEST debt referral in SBA history.

The action ends a yearslong de facto amnesty scheme by the Biden SBA, which refused to refer…

— Kelly Loeffler (@SBA_Kelly) April 24, 2026

… the portfolio to either Treasury or DOJ, even though the loans were both delinquent and internally flagged for suspected fraud.

Under the protection of the Biden Administration, none of the borrowers were compelled to repay their debts and fewer than 1,000 faced any inquiry from law enforcement until today.

This historic referral would not have been possible without the strong support of the White House Anti-Fraud Task Force. SBA is deeply grateful for the leadership of @VP , @AFergusonFTC , and the partnership of both Treasury and DOJ - which now has the files for review.

At the SBA, we will continue working to claw back every dollar of PPP and COVID EIDL funding owed to American taxpayers. And we will work in lockstep with the Task Force to bring accountability to every criminal who defrauded America’s small businesses.