Small Business Administration

PPP launches $800B COVID relief with minimal oversight; $200B+ fraud estimates

2020-03-27 00:00:00 +0000 UTC | Importance: 10/10

The Paycheck Protection Program launched with $800 billion in forgivable loans to support small businesses during COVID-19, but rushed implementation with minimal verification created “the biggest fraud in a generation.” SBA Inspector General estimates $200+ billion in fraudulent loans - …

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