🚨 BREAKING:
🇺🇸 SBA investigators report uncovering $8.6 billion in fraudulent loans in California.
The agency says over 111,000 borrowers were involved.
In Minnesota, nearly 7,000 borrowers allegedly defrauded $400 million.pic.twitter.com/2mJcqIqWQ4 https://t.co/SZjlFQrwTp
— Mario Nawfal (@MarioNawfal) February 20, 2026
Factcheck:
SBA Inspector General investigations found:
- $8.6 billion in fraudulent EIDL and PPP loans tied to California
- Over 111,000 borrowers involved in suspected fraud
- California had the highest total fraud amount of any state
This comes from SBA OIG reports and follow‑up coverage by outlets like AP, Bloomberg, and state‑level investigative reporting.
Minnesota’s numbers are smaller but still significant:
- ~7,000 borrowers flagged
- About $400 million in suspected fraudulent loans
- Minnesota ranked among the top states for per‑capita fraud
These figures come from the same SBA OIG dataset and were highlighted in regional reporting.