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Some said they were told to mark suspicious applications as ‘duplicates’ in the agency’s internal loan system. Loan officers told Bloomberg they received conflicting instructions on how to note their suspicions about dubious applications. It’s distinct from the SBA’s $525 billion Paycheck Protection Program, which relied on banks to distribute forgivable loans meant to cover payroll.

We may receive commission if your application for credit is successful, the commission does not affect the amount you will pay under your agreement. Will usually dispatch within 10 working days of receiving cleared payment. Spurred by President Obama, the Small Business Association has stepped up its loan program to companies around the nation. But to receive an SBA-guaranteed loan, firms must navigate a complex course of processes, qualifications, documentation, and approvals.

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