More than 1,000 businesses said to have received duplicate PPP loans; total number still not clear

More than 1,000 businesses said to have received duplicate PPP loans; total number still not clear

More than 1,000 businesses said to have received duplicate PPP loans; total number still not clear
Reading Time: < 1 minute(Last Updated On: June 3, 2020)

A technical glitch in a US government system has resulted some PPP applicants receiving multiple PPP loans after applying through several lenders.

Government officials and lenders are working to identify exactly how many small businesses have received more than one PPP loan and to get the ‘extra’ amount returned. Some reports suggest that the ‘mistake’ loans could amount to hundreds of millions of dollars of relief funds.

More info here.

Disclaimer: The information contained in this article is provided for informational purposes only, should not be construed as legal advice on any subject matter and should not be relied upon as such. The author accepts no responsibility for any consequences whatsoever arising from the use of such information.