Tuesday, 2 June 2020

Exclusive: U.S. small business program handed out virus aid to many borrowers twice

Exclusive: U.S. small business program handed out virus aid to many borrowers twiceA technical snafu in a U.S. government system caused many small businesses to receive loans twice or more under a federal aid program to help businesses hurt by the COVID-19 pandemic, nearly a dozen people with knowledge of the matter said. The money mistakenly handed out could amount to hundreds of millions of dollars that the government and lenders - which made the loans - have been trying to identify and recover in recent weeks, one of the people briefed on the matter said. The technical issue and scale of the resulting duplicate deposits made under the Small Business Administration's $660 billion Paycheck Protection Program (PPP) have not been previously reported.




from Yahoo News - Latest News & Headlines https://ift.tt/3dqJ9RD

No comments:

Post a comment