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North Carolina ASC reports PPP loan was overstated

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An ASC in Wilmington, N.C., reported that the U.S. Small Business Administration overstated how much money it received from the Paycheck Protection Program, according to the StarNews.

Five things to know:

1. In a dataset published by the SBA, Summit Cosmetic Surgery Center was said to have received a forgivable loan in the $1 million to $2 million range, the StarNews reported.

2. However, the surgery center told the StarNews it received a loan of less than $1 million.

3. The SBA also overstated the loan amount provided to a development firm in the Wilmington area. SBA data said Johnson Architecture received a loan of $5 million to $10 million, but a promissory note provided to the StarNews showed the company received a loan of less than $21,000.

4. At least 75,000 PPP loans were misreported, some drastically, according to a Bloomberg News analysis.

"Although the maximum PPP loan for a one-person enterprise is $20,833, more than 75,000 loans listing one job retained have higher amounts — including 154 showing $1 million or more," Bloomberg reported.

5. Summit Cosmetic Surgery Center declined to provide further comment to StarNews, and the SBA didn't respond to StarNews' multiple requests for comment.

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