PAYCHECK PROTECTION PROGRAM (PPP).
The impetus for creating the chronicle was to publish the Congressional Report that detailed the fraud perpetrated by fintechs in the Program. This Report mysteriously vanished from the Congressional Record.
See the report attached here:
In December 2022,the Select Subcommittee on the Coronavirus Crisis concluded an investigation into PPP fraud. This Subcommittee issued a staff report entitled “’We Are Not The Fraud Police’: How Fintechs Facilitated Fraud In The Paycheck Protection Program,” which established that basically two fintech companies, Womply and Blueacorn, enabled one in every three PPP loans in 2021.
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