The Small Business Administration distributed more than $200 billion in potentially fraudulent Covid-19 relief funds, according to a federal watchdog.
The findings, released Tuesday by the SBA’s inspector general, underscored how the emergency funds from the government designed to combat a once-in-a-century pandemic became a magnet for fraudsters. At least 17% of the $1.2 trillion distributed by the SBA was wasted in fraud, the report found. To put it another way: The SBA paid out approximately 4.5 million potentially fraudulent loans and grants, amounting to 21% of the total 22.1 million loans and grants that were disbursed.
While the program successfully helped many companies pay workers during the pandemic, it was plagued by questionable lending and rampant fraud. Both the SBA and lenders were under incredible pressure to get a massive amount of money out within a matter of weeks when the pandemic first hit.
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SBA Lost $200 Billion In Covid Pandemic Relief To Fraud And Abuse, Government Watchdog FindsThe report marks the latest astronomical Covid fund misspending figure, finding 17% of the funds distributed by the Small Business Administration were lost to fraud, waste and other abuses.
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More than $200 billion in COVID-19 aid may have been stolen, federal watchdog saysThe numbers issued Tuesday by the U.S. Small Business Administration inspector general are much greater than the office’s previous projections.
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More than $200 billion in COVID-19 aid may have been stolen, federal watchdog saysThe numbers issued Tuesday by the U.S. Small Business Administration inspector general are much greater than previous projections issued by the office.
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More than $200 billion in COVID-19 aid may have been stolen, federal watchdog saysThe numbers issued Tuesday by the U.S. Small Business Administration inspector general are much greater than previous projections issued by the office.
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More than $200 billion in COVID-19 aid may have been stolen, federal watchdog saysore than $200 billion may have been stolen from two large COVID-19 relief initiatives, according to new estimates from a federal watchdog investigation.
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