The report marks the latest astronomical Covid fund misspending figure, finding 17% of the funds distributed by the Small Business Administration were lost to fraud, waste and other abuses.
The Small Business Administration lost more than $200 billion to fraud, waste and abuse during its push to help small businesses during the pandemic through programs like the Paycheck Protection Program, a government watchdog report published TuesdayThe report marks the latest astronomical Covid fund misspending figure, finding 17% of the fundsdistributed by the Small Business Administration were lost to fraud, waste and other abuses.
During the implementation of programs such as the PPP and the Economic Injury Disaster Loans program, the SBA weakened or removed a number of controls that would have prevented fraudsters from easily gaining access, the Office of the Inspector General of the SBABecause of the “allure of ‘easy money,’” an overwhelming number of fraudsters were drawn to the program and took “advantage of the economic crisis and [diverted] funding intended for deserving, eligible American small business owners,”...
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