DOWN THE DRAIN: Fraudsters scooped up massive amounts in COVID-19 relief funds meant to help struggling small businesses.
Rep. Beth Van Duyne, R-Texas, discusses Biden family business dealings and wasteful government spending on"The Big Money Show."meant to help struggling small businesses during the pandemic, a government watchdog says. released a report Tuesday that gives the largest estimate yet of how much of the $1.2 trillion disbursed by the SBA was stolen by fraudulent claims.
The Trump and Biden administrations disbursed $1.2 trillion in COVID-19 relief money to help small businesses keep employees on the payroll during government-mandated lockdowns.approved $953 billion for the PPP program, designed to keep workers employed during the pandemic. But the program was an easy target for thieves who took advantage of the loose controls on emergency spending to enrich themselves while employers could not afford to keep their workers on payroll.
Previous reports and estimates have said the total value of fraudulently obtained PPP loans is likely to be in the billions.
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More than $200 billion in COVID-19 aid may have been stolen, federal watchdog saysThe numbers issued Tuesday by the U.S. Small Business Administration inspector general are much greater than the office’s previous projections.
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More than $200 billion in COVID-19 aid may have been stolen, federal watchdog saysThe numbers issued Tuesday by the U.S. Small Business Administration inspector general are much greater than previous projections issued by the office.
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