* Vice President JD Vance announced a massive new federal crackdown targeting suspected fraud in pandemic-era small-business programs. The Small Business Administration (SBA) says nearly 870,000 borrowers tied to an estimated $39 billion in suspected fraud are being suspended from future SBA loans and assistance. The cases involve programs including PPP (the Paycheck Protection Program) and COVID Economic Injury Disaster Loans and stretch across much of the country.
* Vance, speaking in Kansas City, Mo., appeared alongside Attorney General Todd Blanche, FBI Director Kash Patel and SBA Administrator Kelly Loeffler, emphasizing that the effort goes beyond simply identifying questionable loans. Vance said people proven to have defrauded taxpayers should lose future access to government-backed programs, while federal officials indicated criminal investigations and prosecutions will continue. Importantly, being suspended or flagged does not itself mean someone has been convicted of fraud.
* Meanwhile, New York City Mayor Zohran Mamdani is challenging the Trump administration over immigration policy, including changes affecting how an immigrant’s use of public benefits can factor into visa and green-card decisions. Mamdani argues the policy could discourage legally eligible immigrant families from obtaining food and healthcare assistance. The administration argues immigration policy should place greater emphasis on financial self-sufficiency. Here’s more from Stephen Gardner.
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