Two programs designed to help small businesses get through the COVID-19 pandemic collectively doled out an estimated $200 million to fraudsters.
Two programs designed to help small businesses get through the COVID-19 pandemic collectively doled out an estimated $200 million to fraudsters, according to new numbers from the U.S. Small Business Administration inspector general.
That amounts to roughly 17 percent of all the funds given out through the COVID-19 Economic Injury Disaster Loan and Paycheck Protection programs—nearly double the inspector general’s previous estimates. “We will continue to assess fraud until we’re finished with the investigations on these things,” Hannibal Ware, the inspector general said. Another SBA official, however, argued the inspector general’s estimates contain “serious flaws” and contends the actual number is much lower.
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