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Feds mistakenly gave away $692M in duplicate PPP loans

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WASHINGTON - The Small Business Administration mistakenly paid close to $692 million in duplicate Paycheck Protection Program loans to thousands of small businesses, even as others struggled to secure enough financing to stay afloat during the pandemic, according to a new report published by the agency's in-house watchdog.The Small Business Administration's Office of the Inspector General said in a report released Monday that between April 3 and Aug.

19, lenders made more than one loan disbursement to 4,260 borrowers, including 2,689 with the same tax ID number and 1,571 with the same business name and address.RELATED: Some shocked to learn they owe hundreds or thousands in taxes from unemployment benefitsIn response to the report, the.

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