More than $200 billion in federal aid to small businesses during the pandemic may have been given to fraudsters, a report from the Small Business Administration revealed on Tuesday.
As the agency rushed to distribute about $1.2 trillion in funds to the Economic Injury Disaster Loan and Paycheck Protection programs, it weakened or removed certain requirements designed to ensure only eligible businesses get funds, the SBA Office of Inspector General found.
The fraud estimate for the EIDL program is more than $136 billion, while the PPP fraud estimate is $64 billion. In earlier estimates, the SBA inspector general said about $86 billion in fraudulent loans for the EIDL program and $20 billion in fraudulent loans for the PPP had been distributed. Stricter rules were put in place in 2021 to stem pandemic fraud, but"many of the improvements were made after much of the damage had already been done due to the lax internal control environment created at the onset of these programs," the SBA Office of Inspector General found.
Investigations into COVID-19 EIDL and PPP fraud have resulted in 1,011 indictments, 803 arrests, and 529 convictions as of May, officials said. Nearly $30 billion in funds have been seized or returned to the SBA.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
SBA Lost $200 Billion In Covid Pandemic Relief To Fraud And Abuse, Government Watchdog FindsThe 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.
Baca lebih lajut »
$200 BILLION in COVID Aid Was Obtained Through Fraud: New EstimatesTwo programs designed to help small businesses get through the COVID-19 pandemic collectively doled out an estimated $200 million to fraudsters.
Baca lebih lajut »
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.
Baca lebih lajut »
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.
Baca lebih lajut »
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.
Baca lebih lajut »
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 and underscore how vulnerable the Paycheck Protection and COVID-19 Economic Injury Disaster Loan programs were to fraudsters.
Baca lebih lajut »