North Carolina ASC reports PPP loan was overstated

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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