One Borrower, Two Loans: Firms Cite Errors in U.S. Bailout Data

July 29, 2020, 11:00 AM

Federal coronavirus-relief data show that dozens of small-business borrowers were approved for multiple loans from a program that was supposed to limit them to one apiece.

A Bloomberg News analysis of Paycheck Protection Program loan data released July 6 found 355 loans -- totaling at least $130.8 million -- that appear to involve duplicates. In the data, the same business name and address show up on two or more transaction records for 171 companies. Of those firms, 40 are listed with multiple loans of differing amounts.

Some firms said they were indeed funded for two loans, which isn’t supposed to ...

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