More than $200 billion in Covid aid disbursed by the Small Business Administration may have been stolen, a federal watchdog said.
More than $200 billion in Covid aid disbursed by the Small Business Administration may have been stolen by fraudsters, according a federal watchdog.
Kevin Chambers, Director for COVID-19 Fraud Enforcement, Department of Justice; Hannibal "Mike" Ware, Inspector General, Small Business Administration; Michael Horowitz, Chair, Pandemic Response Accountability Committee; and Roy D. Dotson Jr.
DeVries said the Trump administration rushed out loans during the first few months of the program but additional fraud controls were introduced in 2021. The inspector general office's investigations have led to more than 1,000 indictments, 803 arrests and 529 convictions related to fraud in the loan programs, according to the report. These investigations have led to nearly $30 billion in stolen loans being seized or returned by federal law enforcement agencies.
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