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Tuesday, 01 September 2020 22:45

Congressional Investigation Finds Over $1 Billion in PPP Fraud

Written by Ben Popken, NBC News

Over $1 billion in emergency coronavirus aid relief went to companies who “double dipped” and received multiple Paycheck Protection Program loans, in violation of the program’s rules, according to a preliminary analysis released by the House Select Subcommittee on the Coronavirus Crisis.

Congressional investigators identified multiple areas of potential waste and fraud in PPP, part of the $2 trillion CARES Act, which offered qualifying small businesses up to $10 million in emergency, forgivable loans to shore up their payroll and meet basic expenses due to business impacts from the coronavirus and lockdown periods.

 

The PPP program gave loans to nearly 4.9 million small businesses for a total of $521 billion. As designed, the program still has $133 million in untapped funds.

 

To read more, see NBC News.

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