Air America's (search) claim that it is not under investigation as part of a New York City probe into an $875,000 loan from a Bronx Boys & Girls Club is dead wrong, sources told The Post Thursday.

CEO Danny Goldberg made the assertion Tuesday while promising that the liberal radio network would repay the loan immediately and not over two years in installments, as previously stated.

Goldberg said the network was cooperating with the investigation into the Gloria Wise Boys & Girls Club (search), but he added that "Air America itself is not under investigation."

That would mean investigators are looking at the agency that gave the money but not the firm that took it. A source said state and city probes always examine all parties in such an exchange.

When asked to confirm that Air America was not a target, city Department of Investigation spokeswoman Emily Gest would only say, "No comment."

DOI did say Thursday that it was "pleased" to hear that the $875,000 was being paid into an escrow account, but it would rather see that account controlled by the investigators than by Air America's lawyers.

Meanwhile, a network spokeswoman said a published report cited in Thursday's Post was incorrect in reporting that talk-show host Al Franken (search) signed an agreement last year to repay the loan.

"Al Franken does not have — and never had — any responsibility for this loan," the spokeswoman said. "His role at Air America was then — and remains today — as on-air talent."

The loan was orchestrated by Air America founder Evan Montvel Cohen, who was also an official at Gloria Wise.

The network was taken over by Piquant LLC a month after its debut.