SBA Sends 562k Pandemic Loans To Bessent For Collections Totaling $22 Billion The U.S. Small Business Administration (SBA) has announced a sweeping enforcement action targeting suspected pandemic-era loan fraud , referring more than 562,000 borrowers tied to $22.2 billion in delinquent loans to the U.S. Department of the Treasury for collection , according to the Small Business Association . The m...
SBA Sends 562k Pandemic Loans To Bessent For Collections Totaling $22 Billion The U.S. Small Business Administration (SBA) has announced a sweeping enforcement action targeting suspected pandemic-era loan fraud , referring more than 562,000 borrowers tied to $22.2 billion in delinquent loans to the U.S. Department of the Treasury for collection , according to the Small Business Association . The move marks the largest referral package in the agency’s history and signals a major escalation in federal efforts to recover funds distributed through COVID-19 relief programs. The loans in question stem from the Paycheck Protection Program (PPP) and COVID Economic Injury Disaster Loan (EIDL) initiatives, which were designed to support small businesses during the pandemic. According to the SBA, these loans had already been flagged for potential fraud in prior years but were not previously sent for collection or investigation. Now, in coordination with the White House Task Force to Eliminate Fraud, the SBA has not only referred these debts to Treasury but also transmitted borrower information to the Department of Justice (DOJ) for potential legal action . Treasury’s Bureau of the Fiscal Service will begin collection efforts immediately. " The SBA has transmitted the borrowers to the DOJ . And with today's referral, Treasury will begin collecting on the outstanding debt as part of the Trump Administration's commitment to recouping stolen pandemic-era funds on behalf of American taxpayers and small business owners," the agency wrote in a press release . Loeffler stated, "From Day One, the Trump SBA has worked tirelessly to crack down on billions in pandemic-era fraud that the Biden Administration forgave or ignored." "After extensive review, and with the strong support of the White House Task Force to Eliminate Fraud, we are taking our most decisive action yet to end a Biden-era scheme that protected over 560,000 borrowers tied to more than $22 billion in suspected pandemic-era...
Michael Jackson biopic has shrugged off controversy, bad reviews and a troubled production to take $217m worldwide, including $97m in North America Michael , the big-budget Michael Jackson biopic, has shrugged off bad reviews and a troubled production to launch with a $97m opening in North American theaters, contributing to its enormous $217m (£160m, A$303m) worldwide box office and shattering the...
Michael Jackson biopic has shrugged off controversy, bad reviews and a troubled production to take $217m worldwide, including $97m in North America Michael , the big-budget Michael Jackson biopic, has shrugged off bad reviews and a troubled production to launch with a $97m opening in North American theaters, contributing to its enormous $217m (£160m, A$303m) worldwide box office and shattering the record for the biggest biopic opening of all time. The film, a highly authorised portrayal of the “king of pop” that was co-produced by the Jackson estate and stars Jackson’s nephew Jaafar Jackson, took $120.4m internationally and $97m domestic – combining to surpass Oppenheimer’s $180.4m worldwide opening weekend in 2023 and Bohemian Rhapsody’s $124m in 2018. Continue reading...
China’s industrial enterprises saw their earnings grow at a faster pace in March, as rebounding producer prices offset the pressure on costs from the war in Iran. Profits rose 15.8% from a year ago after jumping 15.2% in the first two months of 2026, according to data released on Monday by the National Bureau of Statistics. For the first quarter , they climbed 15.5%, more than expected by Bloomber...
China’s industrial enterprises saw their earnings grow at a faster pace in March, as rebounding producer prices offset the pressure on costs from the war in Iran. Profits rose 15.8% from a year ago after jumping 15.2% in the first two months of 2026, according to data released on Monday by the National Bureau of Statistics. For the first quarter , they climbed 15.5%, more than expected by Bloomberg Economics. The improvement follows an increase in factory prices in March after three and half years of deflation. Lifted by higher oil and metal costs, that likely boosted earnings of upstream sectors such as mining. Consumer-facing industries, on the other hand, were squeezed by higher raw material costs as they struggled to pass them on to their customers. Elevated oil prices will likely continue to support producer prices but may also act as a drag on factory output, leading industrial profits to slow in the coming months unless domestic demand turns around, Bloomberg Economics said in a report prior to the release. China’s industrial sector has powered the economy’s growth since the pandemic as exports soared. But intense competition and overcapacity meant that profits declined or stagnated for four straight years, before they surged in the first two months of 2026, led by electronics manufacturing and metals. China Hit Brakes on Fiscal Stimulus as Economy Holds Up Amid War World Inflation Scare Is Coming as Chinese Exporters Lift Prices BYD Car Discounts Show China’s EV Price War Is Getting Worse Chinese Manufacturing Growth Overtaken by Finance Amid IPO Boom