U.S. pandemic relief program mistakenly paid $692 million in duplicate loans: watchdog

By Pete Schroeder WASHINGTON (Reuters) – The U.S. Small Business Administration (SBA) mistakenly paid out $692 million in duplicate small-business pandemic relief loans because of technical errors and other mistakes, the agency’s internal watchdog said on Monday. Lenders participating in the Paycheck Protection Program (PPP) distributed the cash to 4,260 borrowers who had already received funds due to multiple technical glitches within the SBA’s loan processing systems, which struggled to process the volumes of loans, the SBA Inspector General wrote in a report. Reuters first reported in June …

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