Federal
authorities have been unable
to prevent billions of fraudulent PPP
loans.
CBS
has
exposed a rampant scam in the Chicago area during the
COVID-19
pandemic.
Now, a new federal report states that US government agencies have dropped the ball to prevent billions of dollars in fraudulent loans.
According to the report, there was no oversight
–
the government did not
take anti-fraud
measures when
implementing
the payroll system.
As the
COVID-19
pandemic continued, the money the federal government
spent to sustain business growth stopped flowing. The paycheck protection program has been closed.
A total of $
815
billion in PPP loans have been issued,
and
the
new report
now questions
"more than
$ 4.6 billion and more than
70,000 potentially fraudulent PPP
loans."
First, CBS discovered
over
1,000 Mercum ghost companies
funded
by a paycheck program for small businesses struggling during a pandemic.
The ghost shop had a fake address and
was not licensed.