JUST IN: The federal government squandered more than $200 billion in its rush to prop up small businesses during the COVID-19 pandemic, according to 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, New Jersey.The federal government squandered more than $200 billion 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.
At the advent of the pandemic, government agencies pushed through several program meant to support small businesses, including the Paycheck Protection Program and the Economic Injury Disaster Loans .that likely rescued the economy, experts say. But for all the jobs they helped rescue, these programs' legacies may be tarnished by unprecedented amounts of fraud -- a turn of events that experts fear may impair efforts to pass future emergency relief programs.
A sign at a motel lobby states"WE ARE CLOSED FOR BUSINESS" during the coronavirus pandemic on May 7, 2020 in Atlantic City, New Jersey.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."
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