As seen in
SBA Accountable For $200 Billion In Fraud
By Henry Rodgers
Republican Iowa Sen. Joni Ernst introduced legislation Wednesday to require the Small Business Administration (SBA) to collect all of the COVID funds owed to U.S. taxpayers and investigate all suspected fraud.
The Daily Caller first obtained a copy of the bill, which comes after a report from the SBA IG suggested up to $200 billion in suspected fraud from 4.5 million pandemic recovery grants and loans to scammers and others committing fraud. In April, a convicted fraudster claiming to own three fake businesses, was arrested over a $3 million Paycheck Protection Program (PPP) loan fraud incident.
In January, the Pandemic Response Accountability Committee (PRAC) found 69,323 dubious Social Security Numbers that were reportedly used to obtain $5.4 billion in COVID relief. (RELATED: REPORT: Watchdog Finds Over $5 Billion In Potential Covid Relief Fraud)
“Over the course of the Coronavirus Disease 2019 (COVID-19) pandemic, SBA disbursed approximately $1.2 trillion of COVID-19 Economic Injury Disaster Loan (EIDL) and Paycheck Protection Program (PPP) funds,” a SBA IG report states.
“We estimate that SBA disbursed over $200 billion in potentially fraudulent COVID-19 EIDLs, EIDL Targeted Advances, Supplemental Targeted Advances, and PPP loans. This means at least 17 percent of all COVID-19 EIDL and PPP funds were disbursed to potentially fraudulent actors,” the report adds.
READ THE LEGISLATION HERE:
(DAILY CALLER OBTAINED) — … by Henry Rodgers
Read more at: https://dailycaller.com/2023/07/26/joni-ernst-legislation-hold-sba-accountable-200-billion-fraud-ppp-covid-19/