Pod Force One – March 11, 2026

Episode: SBA Chief Kelly Loeffler Exposes Massive Blue State Loan Fraud – More States Coming

Host: Miranda Devine (New York Post)
Guest: Kelly Loeffler, Small Business Administrator (Former Senator)

Episode Overview

In this episode, Miranda Devine sits down with SBA Chief Kelly Loeffler for a wide-ranging, candid discussion about government waste and fraud, especially in blue states, and the role of the Small Business Administration in rooting it out. Loeffler shares major findings of loan fraud, her personal political journey, election integrity, and her unique vantage point as a businessperson in Washington. The conversation highlights both hard-hitting policy analysis and personal reflections, providing insight into the current administration’s approach to governance.

Key Discussion Points & Insights

1. Government Waste and Bureaucracy at the SBA

• Work From Home/Overstaffing: On arrival, Loeffler found nearly 90% of agency staff had been remote for four years, and the agency was “massively overstaffed.”
  • “I cut headcount by 54% in the first year...yet we went on to set record volume for the agency in its 72-year history.” (00:36)
• Inefficiency under the Biden Administration: She describes the previous SBA as “bureaucracy run amok” and accuses it of acting as a jobs program for political allies. (01:31)

2. SBA’s Mission and New Direction

• SBA Role: Guarantees small business loans (not direct government loans), disaster relief, regulatory advocacy, and business counseling.
• Zero Subsidy Model: “We do this program at zero subsidy to the taxpayer...while ensuring that our taxpayers are made whole.” (01:44)
• Strengthened Underwriting: She restored stricter underwriting standards after claiming the Biden administration had loosened requirements, creating risk. (03:11)

3. Pandemic-Era Loan Fraud and Abuse

• PPP & COVID Relief: Describes $1.2 trillion in pandemic-era programs across both Trump and Biden, with at least $200 billion being “fraudulent.”
  • “Biden initiated about a $30 billion restaurant revitalization program...race and gender based...later overturned by the U.S. Appeals court because they were discriminatory.” (04:40)
• Minneapolis & State Fraud: Specific examples in Minneapolis and Minnesota, with Minnesota’s "Somali fraud" discussed.
• California and Beyond: “California has 111,000 fraudulent borrowers...took money from taxpayers during the pandemic.” (10:23)
• Active Investigations: Loeffler states more states will soon be revealed as top offenders, claiming these “socialist welfare states” enabled fraud to benefit their constituents. (11:37, 12:10)

4. DEI, Discrimination, and Political Influence at SBA

• Ending Biden-Era DEI Programs: Loeffler claims to have dismantled DEI offices and MOUs related to electioneering and Green New Deal initiatives.
  • “We found a bag of DEI pins...they called it their North Star.” (07:06)
• Faith-Based Discrimination: Discusses restoring disaster relief to Texas faith organizations previously denied under Biden.
• Focus on Prosecution: "We are focused on prosecuting it and putting the controls and guardrails in place to make sure it never happens again." (09:54)

5. Technology and Fraud Prevention

• Palantir and AI: The SBA hired Palantir to trace and prevent fraud across federal agencies using advanced AI.
  • “It needs to happen fast and we need to draw the connections and the dots to all the actors...” (12:56)

6. Supporting U.S. Manufacturing

• Made in America Tour and Initiatives: Emphasizes SBA’s focus on revitalizing manufacturing, especially for defense, aerospace, and auto sectors.
  • Advocating for doubling the SBA loan limit: “If we get this through the Senate, it’s a massive win...everyone knows that when Main Street wins, their communities benefit.” (15:58)

7. Election Integrity and Republican Politics

• The SAVE America Act & Voter ID: Loeffler laments Republican disunity in the Senate over voter ID laws—calls the SAVE Act “common sense.”
  • “The concept that unites Democrats is their hatred of our great President Donald Trump.” (18:26)
• Georgia Runoff and Election Laws: She recounts her close 2020 Senate defeat, attributing it to a convergence of absentee ballot changes, COVID adaptations, ‘Zuckerbucks’ funding, and systemic irregularities.
  • “We had Stacey Abrams...working on changing how absentee ballots...could be rejected.” (22:38)
  • “That’s why the FBI is investigating Fulton County.” (24:48)
• Grassroots Organizing: Describes founding a voter outreach organization to rebuild GOP strength in Georgia. (27:49)

8. Foreign Affairs and Energy

• Iran War’s Political Effect: Georgia as a military state, public focus on energy security, and the administration’s “drill baby, drill” policy. (30:04)

9. Personal Attacks and Pushback

• Insider Trading Accusations: Loeffler recounts 2020 DOJ and SEC investigations into alleged insider trading, which she says fully cleared her. (25:19)
• WNBA, BLM, and Free Speech: Discusses conflict as Atlanta Dream owner during the George Floyd era, her opposition to BLM in sports, and pressure to sell her stake.
  • “It was everything except supporting black communities. It was a radical Marxist agenda led by three women who acknowledged they were trained Marxists.” (33:22)
  • “I never wavered...I did not change my stand.” (33:22, 34:53)
  • “No, I think it helped me. I think it was a wake-up call.” (35:29)

10. The Trump Administration & Cabinet Dynamics

• Business People in Government: Praises Trump for assembling a cabinet of outsiders—“problem solvers,” not bureaucrats.
  • “We’re all working together toward a common objective, to put the American people first and to change Washington back...” (40:58)
• Trump’s Leadership Qualities: “He’s a detail guy, but he sees the big picture and he is skating way ahead of where the puck is going...” (43:40)
• Comparison to Visionary CEOs: “Not just an idea guy...he’s an actual builder...engaged, focused, and energized by the challenges.” (45:27)

11. De-Banking and Political Targeting

• Bank Account Closures: Loeffler describes her campaign and legal representation being ‘de-banked,’ links it to coordinated efforts against Republicans.
  • “It was coordinated. It was well documented in the Time magazine issue...” (51:03)
• Regulatory Response: Working with the Fed and OCC to address and guard against politically motivated banking practices. (47:10)

12. Personal Background and Values

• Midwestern Roots: Grew up on a small Illinois farm, “moved into college in a cattle trailer,” family-run trucking business.
  • “People in Washington don’t like people who know how to read a P&L. They just want the money to go out the door.” (52:39)
  • “I love my family still farms...my favorite reference for me when I’m challenged.” (52:39)
• Work Ethic and Faith: “Work is not a punishment...it’s a gift.”
• Business Career: Recounts her rise from analyst to executive (and eventual spouse) at ICE (Intercontinental Exchange, owner of NYSE).
• Marriage to Jeff Sprecher: Life partner and business mentor, both supportive of her public service. (63:07, 66:50)
• Motivation for Public Service: “Once I got inside and saw what was going on, you couldn’t unsee it. I said, ‘I’ve been too blessed in life. I have to do something about it.’” (68:10)

13. Success Philosophy

• Secret to Success: “Hard work. There’s no shortcut. It’s intellectual curiosity...doing the right things when no one’s watching...” (70:20)

Memorable Quotes & Timestamps

• On Agency Reform:
  “I cut headcount by 54% in the first year. And yet we went on to set record volume for the agency and its 72 year history.” – Kelly Loeffler (00:36)

• On Loan Fraud:
  “California has 111,000 fraudulent borrowers, so-called borrowers that took money from taxpayers during the pandemic.” – Kelly Loeffler (10:23)

• On DEI Programs and Discrimination:
  “We found a bag of DEI pins...they called it their North Star.” – Kelly Loeffler (07:06)

• On the WNBA & BLM:
  "It was everything except supporting black communities. It was a radical Marxist agenda led by three women who acknowledged they were trained Marxists." – Kelly Loeffler (33:22)

• On Trump as a Leader:
  “He’s a detail guy, but he sees the big picture and he is skating way ahead of where the puck is going and he gets it really quickly.” – Kelly Loeffler (43:40)

• On Personal Values:
  “Work is not a punishment, it is a gift. And to me, it’s biblical. We need to talk more about work ethic, because the more I worked, the more I saw results...” – Kelly Loeffler (59:12)
  “I moved into college in a cattle trailer in the back.” – Kelly Loeffler (52:39)

• On Success:
  “There’s no substitute for [hard work]...doing the right things when no one’s watching. That all takes discipline and hard work.” – Kelly Loeffler (70:20)

Notable Segments & Timestamps

• On SBA Operations and Agency Reform: (00:36 – 02:58)
• PPP and Restaurant Revitalization Fraud: (04:40 – 08:42)
• Faith-Based Discrimination and State-Specific Fraud: (08:42 – 11:25)
• Palantir and Fraud Detection Tech: (12:10 – 13:45)
• Made in America: Manufacturing Initiatives: (15:47 – 17:56)
• Election Integrity/Georgia Runoff Details: (18:26 – 24:48)
• WNBA, BLM, and Sports Free Speech: (32:25 – 36:24)
• De-Banking and Campaign Finance: (46:52 – 51:07)
• Personal Biography, Work Ethic, and Motivations: (52:39 – 68:10)
• On the Secret of Success: (70:04 – 71:29)

Tone & Style

The conversation is frank, combative toward previous Democratic policies, and personal. Loeffler is assertive and frequently references her business credentials, outsider status, and Midwestern work ethic. The host, Miranda Devine, is supportive and occasionally injects skepticism or humor but steers the discussion toward issues with significant political resonance for conservative audiences.

For listeners seeking insight into the SBA’s ongoing investigations, a first-person account of 2020’s political battles, or the intersection of business-minded governance and Trump-era Republicanism, this episode is both informative and unabashedly partisan.