𝐕𝐀𝐍𝐂𝐄: 𝐁𝐈𝐃𝐄𝐍'𝐒 𝐒𝐁𝐀 𝐒𝐀𝐓 𝐎𝐍 $𝟐𝟐 𝐁𝐈𝐋𝐋𝐈𝐎𝐍 𝐈𝐍 𝐅𝐋𝐀𝐆𝐆𝐄𝐃 𝐂𝐎𝐕𝐈𝐃 𝐅𝐑𝐀𝐔𝐃—𝐓𝐑𝐔𝐌𝐏'𝐒 𝐓𝐄𝐀𝐌 𝐈𝐒 𝐂𝐋𝐀𝐖𝐈𝐍𝐆 𝐈𝐓 𝐁𝐀𝐂𝐊
Vice President JD Vance singled out one person at a recent event: SBA Administrator 𝐊𝐞𝐥𝐥𝐲 𝐋𝐨𝐞𝐟𝐟𝐥𝐞𝐫. “𝘚𝘩𝘦 𝘩𝘢𝘴 𝘣𝘦𝘦𝘯 𝘰𝘯𝘦 𝘰𝘧 𝘵𝘩𝘦 𝘭𝘦𝘢𝘥𝘦𝘳𝘴, 𝘪𝘧 𝘯𝘰𝘵 𝘵𝘩𝘦 𝘭𝘦𝘢𝘥𝘦𝘳, 𝘪𝘯 𝘵𝘩𝘦 𝘢𝘥𝘮𝘪𝘯𝘪𝘴𝘵𝘳𝘢𝘵𝘪𝘰𝘯 𝘪𝘯 𝘤𝘰𝘮𝘣𝘢𝘵𝘪𝘯𝘨 𝘧𝘳𝘢𝘶𝘥.”
The numbers back him up. Loeffler's SBA has referred 𝟓𝟔𝟐,𝟎𝟎𝟎 𝐟𝐫𝐚𝐮𝐝𝐮𝐥𝐞𝐧𝐭 𝐩𝐚𝐧𝐝𝐞𝐦𝐢𝐜-𝐞𝐫𝐚 𝐥𝐨𝐚𝐧𝐬 — $22.2 billion worth — to the Treasury Department for collection, the largest referral in the agency's history. Loeffler says the previous administration flagged those loans for fraud years ago and simply sat on them, never sending them to Treasury or the DOJ.
That's on top of a separate crackdown this fall: 𝟖𝟕𝟎,𝟎𝟎𝟎 𝐛𝐨𝐫𝐫𝐨𝐰𝐞𝐫𝐬 suspended from every future SBA loan and federal contract over an estimated $49 billion in suspected COVID-era fraud (Small Business Administration). The agency's own inspector general estimates more than $𝟐𝟎𝟎 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 of the $1.2 trillion handed out through PPP and EIDL loans showed signs of fraud (SBA Office of Inspector General). Attorney General Todd Blanche says 500 federal prosecutors are now working pandemic fraud cases nationwide, with more than 80 people already charged in roughly $245 million worth of schemes.
Vance's point wasn't abstract. “𝘔𝘰𝘯𝘦𝘺 𝘵𝘩𝘢𝘵 𝘴𝘩𝘰𝘶𝘭𝘥 𝘩𝘢𝘷𝘦 𝘣𝘦𝘦𝘯 𝘨𝘰𝘪𝘯𝘨 𝘵𝘰 𝘴𝘮𝘢𝘭𝘭 𝘣𝘶𝘴𝘪𝘯𝘦𝘴𝘴𝘦𝘴, 𝘷𝘦𝘵𝘦𝘳𝘢𝘯-𝘣𝘢𝘤𝘬𝘦𝘥 𝘢𝘯𝘥 𝘰𝘵𝘩𝘦𝘳𝘴, 𝘸𝘢𝘴 𝘢𝘤𝘵𝘶𝘢𝘭𝘭𝘺 𝘨𝘰𝘪𝘯𝘨 𝘵𝘰 𝘧𝘳𝘢𝘶𝘥𝘴𝘵𝘦𝘳𝘴.” That's a legitimate small business that never got its loan — because Washington handed the money to someone running a scam instead.
𝐅𝐨𝐮𝐫 𝐲𝐞𝐚𝐫𝐬 𝐨𝐟 𝐥𝐨𝐨𝐤𝐢𝐧𝐠 𝐚𝐰𝐚𝐲. 𝐎𝐧𝐞 𝐚𝐝𝐦𝐢𝐧𝐢𝐬𝐭𝐫𝐚𝐭𝐢𝐨𝐧 𝐚𝐜𝐭𝐮𝐚𝐥𝐥𝐲 𝐬𝐞𝐧𝐝𝐢𝐧𝐠 𝐭𝐡𝐞 𝐛𝐢𝐥𝐥.
Source: Youtube https://t.co/vfPMvfHNR2