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Two fintech founders have been indicted for fraud related to the Paycheck Protection Program (PPP), having reportedly made millions by facilitating these loans during the pandemic. Concurrently, two suburban men were sentenced to federal prison for their involvement in scamming at least $3.5 million through various fraud schemes, including romance and business fraud. The Small Business Administration's inspector general has estimated that over $200 billion, or approximately 17 percent of the pandemic loans distributed, may have been awarded to potentially fraudulent actors. Experts warn that defaults on a Federal Reserve program designed to support mid-sized businesses during the pandemic are expected to escalate, highlighting the prevalence of fraud during this period when government funds were rapidly disbursed.
Should the US government conduct a massive investigation into PPP fraud and return funds to US taxpayers?
They Investigated Pandemic Fraud, Then Earned Thousands https://t.co/sSQx2lkyRp The SBA’s inspector general has estimated that more than $200 billion — or at least 17 percent of the pandemic loans the agency distributed — was awarded to “potentially fraudulent actors.”
A Fed program designed to support mid-sized businesses during the pandemic is now facing a wave of defaults. Experts say it's about to get much worse https://t.co/1jXs6V6iI6 The pandemic was a great time for fraud, as the Fed & Govt waved money around like drunken sailors.
