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The $100 billion figure in the September 23, 2026, SBA–IRS announcement refers to loans associated with discrepancies in tax information—not $100 billion in fraud already proven, taxes finally assessed, or money recovered. The IRS opened examinations of cases identified in its review to determine whether additional taxes or penalties apply.
What the $100 billion figure means
The IRS compared tax information borrowers provided to the Small Business Administration (SBA) with information reported to the IRS. The review found discrepancies associated with approximately $100 billion in loans, according to the SBA’s September 23 announcement. IRS Chief Executive Officer Frank J. Bisignano summarized the finding: “The IRS’s review of referrals by the SBA showed discrepancies involving $100 billion in loans.”
A discrepancy is a reason for examination, not by itself proof of fraud or a final tax liability. The IRS said examinations were opened to determine whether additional taxes and penalties—including fraud penalties—apply. The agency’s announcement said the investigation of additional tax liability was ongoing and that individual cases depend on their facts and applicable law.
How the headline figures differ
The announcement gives several large totals, but they describe different actions and measures. They are agency-reported figures as of 2026, not amounts that can be added together or treated as separate confirmed losses.
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| Figure and date | Agency action or measure | What it means |
|---|---|---|
| More than $200 billion; reported by SBA in 2026 | Referrals to the IRS | SBA said it referred more than $200 billion in suspected fraud involving Paycheck Protection Program (PPP) and COVID Economic Injury Disaster Loan (COVID EIDL) loans to the IRS earlier in 2026. |
| Approximately $100 billion; IRS review reported by SBA on September 23, 2026 | Loans associated with discrepancies | The amount of loans linked to discrepancies in the IRS comparison of tax information. Examinations were opened; the figure is not a final fraud finding, tax assessment, or recovery total. |
| About 1 million borrowers and $49 billion; SBA cumulative figure reported in 2026 | Suspensions | SBA said it had suspended about 1 million borrowers tied to about $49 billion in suspected pandemic-era fraud. |
| About $22 billion; SBA figure reported in 2026 | Referrals to Treasury for collection | Outstanding suspected-fraud loan balances referred for collection. SBA said this process is separate from the IRS tax-fraud analysis. |
| 870,000 borrowers and an estimated $39 billion; September 14, 2026 | Suspension announcement | SBA announced suspensions tied to estimated suspected PPP and COVID EIDL activity. This September 14 figure is included in the later cumulative suspension context, not an additional amount to add to it. |
The separate September 14 suspension announcement is described in the SBA’s release on 870,000 borrowers. Suspensions, IRS examinations, and Treasury collection referrals have different purposes and statuses.
How the $200 billion referral figure relates to the broader estimate
SBA said the more-than-$200-billion suspected-fraud referral figure was grounded in an estimate first made by the SBA Office of Inspector General (OIG) in June 2023. As described by SBA, the OIG estimated that nearly 20% of approximately $1.2 trillion disbursed through SBA pandemic-relief programs may have gone to potentially fraudulent actors. “May have” is important: this is an estimate of potential fraud, not a finding that every dollar in the estimate was fraudulent.
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What happens after an IRS examination opens
An examination is the process the IRS uses to review a case and determine whether the taxpayer owes additional tax or penalties. The September 23 announcement does not report final outcomes for individual borrowers. It also does not establish that every loan connected to a discrepancy involved intentional wrongdoing. Whether additional liability or a fraud penalty applies depends on the facts of the case and applicable law.
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