IG Report: US Lost $200 Billion in COVID Fraud
"The vast majority of the fraud, 86% by SBA's estimate, occurred in the first nine months of COVID-EIDL and PPP"
More than $200 billion in federal COVID-19 pandemic relief funds were distributed to potentially fraudulent recipients, a report from the inspector general of the Small Business Administration showed.
The report, released Tuesday by the Office of Inspector General Hannibal "Mike" Ware, said the estimate represents 17% of the $1.2 trillion of COVID-19 Economic Injury Disaster Loan (EIDL) and Paycheck Protection Program (PPP) funds doled out by the agency. ---More...
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