Small Business Administration (SBA) Administrator Kelly Loeffler revealed during a White House cabinet meeting on Wednesday that her agency has uncovered staggering amounts of fraud, including $200 billion in fraudulent Paycheck Protection Program (PPP) loans that the Biden regime kept hush-hush.
“We found $200 billion in fraudulent PPP loans that the Biden administration tried to hide and forgive and sweep under the rug,” she said.
Amid discussions about fraud and Vice President JD Vance’s Task Force to Eliminate Fraud, Loeffler made the stunning announcement.
As The Gateway Pundit reported, President Trump went off on the Somali fraudsters in Minnesota and Somali Rep. Ilhan Omar for pillaging the US Treasury. He further suggested that even more fraud has been discovered that will shatter the earth.
“In two months, we’ve exposed 10s of billions of dollars of defrauded taxpayer money, prosecuted numerous fraudsters,” he said.
“You haven’t seen anything yet,” Trump added. “Wait till you see. I’m getting reports from Todd, from JD. I’ve never seen anything like it.”
Of the $200 billion that was discovered by Trump's SBA, $22 billion has been returned to the Treasury, and arrests are already being made, Loeffler said.
In addition to the money being returned, at least 140,000 people have been "barred from ever getting SBA loans again" after stealing "about $9 billion."
"Our inspector general is already announcing that people are going to jail. There are jail sentences now being served. We've announced that 140,000 people have been barred from ever getting SBA loans again, defrauding the government for about $9 billion."
"We are going to continue our work under the great leadership of Vice President Vance and appreciate the partnership because it's really accelerated our ability to get the job done."
WATCH:
Loeffler: Small businesses are particularly hurt by fraud because they're some of our biggest taxpayers in the country, and they show up every day. They work hard to provide for their employees, to build their businesses. They're working, they're doing it the honest way, and they see fraudsters taking from the American people. It's taxpayer money, and so you think about at the SBA, we found $200 billion in fraudulent PPP loans that the Biden administration tried to hide and forgive and sweep under the rug.
We've turned the first $22 billion of that over to Treasury for collections and to DOJ for prosecution. Our inspector general is already announcing that people are going to jail. There are jail sentences now being served. We've announced that 140,000 people have been barred from ever getting SBA loans again-- defrauding the government for about $9 billion. So, we are going to continue our work under the great leadership of Vice President Vance and appreciate the partnership because it's really accelerated our ability to get the job done.
Loeffler previously announced that the Small Business Administration suspended 111,620 California borrowers connected to $8.6 BILLION in suspected pandemic fraud.
“Once again, the Trump SBA is taking decisive action to deliver accountability in a state whose unaccountable welfare policies have created a culture of fraud and abuse at the expense of law-abiding taxpayers and small business owners,” Loeffler said in a statement.
“Today, we announced we have suspended nearly 112,000 borrowers tied to at least $9 billion in suspected fraud. This staggering number represents the most significant crackdown on those who defrauded pandemic programs, and it illuminates the scale of corruption that the Biden Administration tolerated for years.
Earlier in January, Loeffler announced that the agency had discovered nearly $400 million in potentially fraudulent PPP and Economic Injury Disaster Loan (EIDL) loans in Minnesota. The SBA then suspended 6,900 Minnesota borrowers after uncovering the suspected fraud.
The post WATCH: SBA Administrator Kelly Loeffler Reveals $200 BILLION in Fraudulent PPP Loans Were Hidden by Biden Admin – “People Are Going to Jail” appeared first on The Gateway Pundit.
WATCH: SBA Administrator Kelly Loeffler Reveals $200 BILLION in Fraudulent PPP Loans Were Hidden by Biden Admin – “People Are Going to Jail” -
Small Business Administration (SBA) Administrator Kelly Loeffler revealed during a White House cabinet meeting on Wednesday that her agency has uncovered staggering amounts of fraud, including $200 billion in fraudulent Paycheck Protection Program (PPP) loans that the Biden regime kept hush-hush. "We found $200 billion in fraudulent PPP loans that the Biden administration tried to hide and forgive and sweep under the rug," she said.
The post WATCH: SBA Administrator Kelly Loeffler Reveals $200 BILLION in Fraudulent PPP Loans Were Hidden by Biden Admin – “People Are Going to Jail” appeared first on The Gateway Pundit.
Small Business Administration (SBA) Administrator Kelly Loeffler revealed during a White House cabinet meeting on Wednesday that her agency has uncovered staggering amounts of fraud, including $200 billion in fraudulent Paycheck Protection Program (PPP) loans that the Biden regime kept hush-hush. "We found $200 billion in fraudulent PPP loans that the Biden administration tried to hide and forgive and sweep under the rug," she said.
The post WATCH: SBA Administrator Kelly Loeffler Reveals $200 BILLION in Fraudulent PPP Loans Were Hidden by Biden Admin – “People Are Going to Jail” appeared first on The Gateway Pundit.