Minnesota, SBA and the borrowers
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SBA loan forgiveness for PPP, EIDL and 7(a) loans
PPP loans are fully forgivable if requirements are met. EIDL loans advance up to $15,000 don't require repayment. Other SBA loans must be repaid in full.
Small Business Administration (SBA) head Kelly Loeffler said Monday that her department is halting annual grants to Minnesota, amid an investigation into alleged fraud in COVID-era lending
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"SBA is pausing annual funding to Minnesota while we investigate $430 million in suspected PPP fraud across the state," Kelly Loeffler said.