Small Business Administration head Kelly Loeffler said that the agency found $200 billion in fraudulent Paycheck Protection Program loans, which were intended to allow businesses to pay staff during the pandemic.
"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," Loeffler said during President Donald Trump's Cabinet meeting at Camp David on Wednesday.
She said that $22 billion in those fraudulent loans have been turned over to the U.S. Treasury and Department of Justice for collections and prosecution, and people who have been convicted of fraud are serving prison sentences.
