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    Join the Patreon to get access to the full episode + BTS exclusive content! Full episodes release 2x a week! https://www.patreon.com/cw/Blackmillionaires_ If you took out an SBA loan during the pandemic, you may want to contact your best criminal lawyers. The SBA isn’t playing about catching those who committed fraud during a time of need for real small business owners. The Small Business Administration says it has referred 562,000 suspected fraudulent pandemic-era loans to the U.S. Treasury for collection, totaling $22.2 billion in delinquent PPP and COVID EIDL loans. According to the SBA announcement, these loans had already been flagged for suspected fraud but had not previously been sent to Treasury for collection or referred to the Justice Department for investigation.  The move marks the SBA’s largest referral package on record and signals a major escalation in the federal government’s effort to recover pandemic relief money. Treasury is expected to begin collection efforts, while the SBA says the borrowers have also been transmitted to the DOJ.  The issue is much larger than this one referral. The SBA Office of Inspector General previously estimated that at least $200 billion in PPP and COVID EIDL funds may have been fraudulent out of roughly $1.2 trillion approved during the pandemic.  SBA Administrator Kelly Loeffler framed the action as an accountability push, saying the agency is working to claw back stolen taxpayer dollars. The agency also pointed to earlier actions in California and Minnesota, where it said borrowers tied to billions in suspected fraud had been suspended.  For borrowers who knowingly lied on applications, inflated payrolls, used fake businesses, or misused loan funds, the consequences could go beyond collections. With DOJ referrals now in motion, more investigations, prosecutions, and prison sentences could follow as pandemic fraud enforcement continues. The SBA Says 522,000 Could Be Arrested For Fraud Because Of PPP loans. Black Millionaires Podcast #blackmillionairespodcast #blackmillionaires #jameshilltv #sba #ppploan
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