Several businesses say they were mistakenly included on the small business loan list




CNBC’s Kate Rogers reports more details on who received small business bailout loans from the U.S. government. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi

They can’t show you the money because they didn’t get it — despite what the government says.

Several companies that purportedly received forgivable loans as part of a federal relief program said that they did not apply for — much less get — the funds that are detailed in a database of loans released Monday.

That database includes information about the lion’s share of $521 billion so far approved under the Paycheck Protection Program, which is aimed at helping small businesses affected by the coronavirus pandemic.

The data released Monday reflects the more than 661,000 firms that were approved for at least $150,000 in loans under the program. While that tally is just a small fraction of the nearly 5 million companies that were approved for PPP funds – most were approved for under $150,000 – it is large enough to potentially contain a variety of data errors.

The venture capital firms Index Ventures and Foundation Capital, along with the scooter company Bird, said that they did not apply for PPP funds, despite being listed in the database as having been approved for millions of dollars of funds from banks under that federally run program.

And a woman who lives in the Milwaukee area told CNBC she was surprised to be listed in the database released by the Small Business Administration as having been approved for a loan ranging from $5 million to $10 million.

The woman, 72-year-old Geraldine Brimley, had applied for a PPP loan of about $9,300 through Radius Bank and received a little less $2,300. She runs a small company that delivers mail to rural customers of the U.S. Postal Service.

“How did that happen?” asked Brimley when told that her name was listed as having been approved for a loan of $5 million or more. “How do they make a mistake like that?”

“I could use it,” she quipped, referring to the large amount of money that she did not actually get.

Kathleen Barrett, a spokeswoman for Radius Bank, said that when Brimley or someone acting on her behalf applied online for the loan, extra “zeros” were accidentally input in one section of the application, making it seem like she had asked for $9 million.

Barrett said that Radius, when it looked at the application, saw from the paperwork that Brimley submitted that she was only actually seeking $9,000, and that the bank fixed the mistake referring to the higher amount before processing the loan.

Barrett said that while the SBA’s database that was publicly released Monday contains an incorrect, much higher range that was approved by the bank, an internal database contains the correct, lower amount that she actually received.

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