FRAUD LOSSES FROM U.S. COVID SCHEMES HIT USD36 BILLION
July 22nd, 2023
Fraud losses from the US government's Covid-19 relief programmes hit USD36 billion, or 3% of the USD1.2 trillion funds disbursed, according to a June 27 report from the federal Small Business Administration’s (SBA’s) Office of Inspector General. The SBA had loosened regular anti-fraud controls in its haste to disburse the first USD742 billion in funds under a coronavirus Economic Injury Disaster Loan (EIDL) and Paycheck Protection Program (PPP) schemes set up in 2020. The report ‘Protecting the Integrity of the Pandemic Relief Emergency Programs: SBA’s ...
Full access to this article can be arranged with permission from the client that first ordered it. Please contact us to request access. Entries are uploaded to our archive at least one year after being published by a client – free access is restricted to International News Services journalists for background research only. The article date indicates when copy was filed to a client, not when posted to this archive. Upon client requests, International News Services will remove such articles from the archive or not upload them in the first place. They are included to demonstrate the breadth of topics undertaken by the agency and also to help promote clients’ coverage.