U.S. Firms Canceled at Least $18 Billion in Small-Business Loans

The amount includes funds that were returned by companies
SBA plans to review all PPP loans of more than $2 million

A delivery person places a Shake Shack take-out order into an insulated bag outside the restaurant in Washington, D.C., U.S., on April 20. — A delivery person places a Shake Shack take-out order into an insulated bag outside the restaurant in Washington, D.C., U.S., on April 20.
Photographer: Andrew Harrer/Bloomberg

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By Mark Niquette

May 20, 2020 at 5:18 PM UTC

This article is for subscribers only.

U.S. companies have canceled at least $18 billion in loans from the government’s centerpiece coronavirus relief program for small businesses, a much larger number than figures previously disclosed by publicly traded firms that gave millions of dollars back after a public backlash.

The $18 billion value was calculated by Bloomberg News using data released by the Small Business Administration from the first round of the Paycheck Protection Program and the second so far. Cancellations include returned funds, duplicative loans and loans not closed for any reason, according to the SBA. An agency spokesman declined to comment.