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More than $38 billion in loans for small firms canceled in U.S.

Christian Fernsby |
About $38.5 billion in coronavirus relief loans for small businesses were canceled as of the end of May.

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Topics: U.S.   

The value of the canceled loans was included in a Government Accountability Office report Thursday based on data from the Small Business Administration that showed more than 170,000 loans had been canceled as of May 31 with more still being reported.

The GAO report didn’t specify the reasons for the cancellations.

The SBA hasn’t provided a detailed accounting of whether the Paycheck Protection Program loans were canceled because of returns, duplicates or other reasons.

An SBA spokesman didn’t immediately respond to a request for comment.

The SBA reported night that more than 4.7 million loans totaling $516.5 billion have been approved, including cancellations.

There was about $128 billion in remaining funds as of June 20 with only a few days until the agency stops accepting new applications on Tuesday.

Small businesses reported they were holding or considering returning their loans because of uncertainty about whether they would be required to repay debt.

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