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Cover page of the SBA Inspector General's report. Cover page of the SBA Inspector General’s report.

Hundreds of financial institutions have reported more than 5,000 instances of suspected fraud involving hundreds of millions of dollars stemming from a Small Business Administration COVID-19 loan program, according to a new report released Tuesday by the SBA’s Office of Inspector General.

“Nearly 440 financial institutions ranging from small, local credit unions to major national institutions have contacted us to express serious concerns,” according to the OIG. “Our law enforcement partners report similar calls from financial institutions.”

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Peter Strozniak

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