The report said oversight did not exist – the government did not have any fraud prevention measures in place when it started the Paycheck Protection Program.
intended for small businesses struggling during the pandemic. The ghost businesses had fake addresses and no licenses.is Markham police Officer Kenneth Muldrow, who received a $20,000 loan for a lawn care service where he used the Markham police station as the address of his business.to find the thousands who essentially stole from taxpayers who fraudulently applied for and received the COVID relief money.
"Whether it was a few thousand dollars or hundreds of thousands of dollars, the outcome is the same," Special Agent Strauss said on Dec. 8. You defrauded the United States government, and we will find you." Now, the SBA Office of Inspector General backs our investigations. It says there was no oversight, and adds,"Speed became the highest priority in complying with the mandate."The OIG report shows through May 2021, the SBA"processed 11.8 million guaranteed PPP loans totaling $799.8 billion."
Just over $800 billion went to 5,460 private lenders, according to the report. Yet when the banks tried flagging problematic loans, the OIG found the"SBA did not provide lenders sufficient specific guidance to effectively handle potentially fraudulent PPP Loans."Federal authorities are still collecting fraud tips, and as it stands, they have received more than 54,000 PPP-related complaints to the SBA OIG hotline.
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