Report from House Democrats Says Paycheck Protection Program Lost More Than A Billion Dollars to Waste and Fraud
Democrats on the House Select Subcommittee on the Coronavirus Crisis have released a preliminary analysis of the Paycheck Protection Program (PPP) that Democrats say found more than 10,000 loans, totaling $1 billion went to companies that received multiple loans and that more than 600 loans totaling $96.3 million went to companies that are barred from dealing with the federal government. The report also said $195 million also went to government contractors who had previously been flagged for “significant performance and integrity issues.”
The report states that an analysis of a database of the loans also raised thousands of red flags—such as mismatched addresses—when compared with the information companies used to obtain the funds. The “flags” were connected to more than 11,000 borrowers and totaled $2.98 billion.
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