Kodak, which is based in Rochester, New York, declined to comment.
Last month, the International Development Finance Corporation signed a letter of intent to potentially give Kodak a $765 million loan to help pay for factory changes needed to make pharmaceutical ingredients in short supply in the US.
News of the potential deal sent the company's stock price surging.
But last week, Democratic Senator Elizabeth Warren asked the Securities and Exchange Commission to investigate whether insider trading laws had been broken, citing unusual trading activity before the deal was announced.
The SEC is now in the early stages of a probe, according to The Wall Street Journal, which cited anonymous sources. The SEC has declined to comment on the report.
On Friday, Kodak announced it was conducting an internal review related to the loan deal.
The loan, which hasn't been finalised, was expected to be used to expand plants in Rochester and St. Paul, Minnesota.
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