House Panel Identifies Tens Of Thousands Of PPP Loans At High Risk For Fraud Or Abuse
Tens of thousands of loans issued by the Trump administration as part an economic relief program for small businesses struggling amid the coronavirus pandemic face a “high risk of fraud, waste or abuse,” according to a report issued Tuesday by a House panel.
The House Select Subcommittee on the Coronavirus Crisis, which was created in April to oversee the Trump administration’s response to the economic disaster caused by the pandemic, found that billions of dollars dispersed as part of the Paycheck Protection Program (PPP) may have been misappropriated.
The PPP, a $669 billion business loan program, has granted more than 5.2 million loans since it was established in late March by the Coronavirus Aid, Relief and Economic Security Act, also known as the CARES Act.
[Source: Huffington Post]