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SBA Failed to Inform PPP Borrowers About Loan Offsets: IG Report

An Inspector General report released Tuesday shows thousands of ineligible loans were made by credit unions and banks.

Small Business Administration headquarters building entrance Small Business Administration headquarters building entrance (Image: Shutterstock).

The Small Business Administration failed to inform Paycheck Protection Program borrowers that they would not have a portion of their loan forgiven if they also received an economic injury loan advance from the administration — an omission that has caused shock among PPP borrowers, financial trade groups charged Monday.

In a letter to congressional leaders, the trade groups, including CUNA, NAFCU, the American Bankers Association and the Independent Community Bankers of America, asked Congress to immediately fix the problem.

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