JUST IN: The federal government squandered more than $200 billion in its rush to prop up small businesses during the COVID-19 pandemic, according to a government watchdog report.
A sign at a motel lobby states"WE ARE CLOSED FOR BUSINESS" during the coronavirus pandemic on May 7, 2020 in Atlantic City, New Jersey.The federal government squandered more than $200 billion in its aggressive rush to prop up small businesses as thethreatened to shatter the U.S. economy, according to a report published Tuesday by the inspector general of the Small Business Administration.
At the advent of the pandemic, government agencies pushed through several program meant to support small businesses, including the Paycheck Protection Program and the Economic Injury Disaster Loans .that likely rescued the economy, experts say. But for all the jobs they helped rescue, these programs' legacies may be tarnished by unprecedented amounts of fraud -- a turn of events that experts fear may impair efforts to pass future emergency relief programs.
A sign at a motel lobby states"WE ARE CLOSED FOR BUSINESS" during the coronavirus pandemic on May 7, 2020 in Atlantic City, New Jersey.In an October 2020 report, Ware's office found that "to expedite the process, SBA 'lowered the guardrails' or relaxed internal controls, which significantly increased the risk of program fraud."
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
The Flash May Lose WB $200 Million After Box Office FlopThe new DC superhero movie The Flash may end up losing Warner Bros. $200 million at the end of its box office run.
Leer más »
New Group Wants Dallas to Set Aside $200 Million for HousingThe Dallas Housing Coalition has one very big goal for the city's 2024 bond package.
Leer más »
San Antonio's workforce program faces big test in coming monthsSan Antonio's $200 million workforce development program isn't yet meeting its target of moving 80% of graduates into jobs within six months.
Leer más »
Crypto investment products see largest weekly inflow since July 2022CoinShares' weekly inflows report arrives with good news as crypto investment products see their highest inflows in nearly a year on the back of a Bitcoin-led rally with nearly $200 million in inflows.
Leer más »
China Dragon Boat Festival tourism trips above pre-COVID levelsTrips for tourism in China during last week's three-day Dragon Boat Festival climbed 32.3% from a year earlier to an estimated 106 million, 12.8% above the pre-pandemic level in 2019, the ministry of culture and tourism said.
Leer más »