Trump admin uncovers 'staggering' $8.6 billion in suspected California small business fraud

The federal Small Business Administration suspended more than 111,000 California borrowers after uncovering $8.6 billion in suspected fraudulent activity linked to the COVID pandemic, SBA Administrator Kelly Loeffler announced Friday. 

"We have suspended nearly 112,000 borrowers tied to at least $9 billion in suspected fraud," Loeffler said in a press release on Friday. "This staggering number represents the most significant crack-down on those who defrauded pandemic programs, and it illuminates...