The government squandered more than $200 billion in potential fraud its rush to prop up small businesses during the COVID-19 pandemic, says a government watchdog report.
A sign at a motel lobby states"WE ARE CLOSED FOR BUSINESS" during the coronavirus pandemic on May 7, 2020 in Atlantic City, N.J.The federal government squandered more than $200 billion in potential fraud in its aggressive rush to prop up small businesses as thethreatened to shatter the U.S. economy, according to a report published Tuesday by the inspector general of the Small Business Administration.
The report focuses on two programs created at the advent of the pandemic to support small businesses, both under the SBA's purview: the Paycheck Protection Program and the Economic Injury Disaster Loans . In an October 2020 report, Ware's office found that "to expedite the process, SBA 'lowered the guardrails' or relaxed internal controls, which significantly increased the risk of program fraud."
The inspector general's review allowed for "a high percentage of false positives," or potential fraud cases that, upon further inspection, were not fraud, Bailey DeVries, Acting Associate Administrator of the SBA, said in the response. Many of those who defrauded the pandemic relief programs also victimized individual Americans in the process. Thousands of fraudsters who applied for funds used social security numbers stolen from innocent people, according to the PRAC. The committee wrote in athat nearly 70,000 potentially suspect Social Security numbers were used to successfully apply for EIDL or Paycheck Protection Program funds.
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