Fraudsters potentially stole more than $200 billion in federal loans intended to help small businesses struggling during the Covid pandemic, a government watchdog said on Tuesday.
More than $136 billion from Economic Injury Disaster Loan program and $64 billion from the Paycheck Protection Program loans was potentially stolen, the inspector general found.
In total, SBA disbursed $400 billion in EIDL funds and $800 billion in Paycheck Protection Program loans during the life of the programs.
These investigations have led to nearly $30 billion in stolen loans being seized or returned by federal law enforcement agencies.
The Economic Injury Disaster Loan program provided low-interest, fixed-rate loans to help small businesses nd other organizations to help cover their operating expenses.
Persons:
Kevin Chambers, Hannibal, Mike, Ware, Michael Horowitz, Roy D, Dotson Jr, Bailey DeVries, DeVries, Trump, nonpayment
Organizations:
Department of Justice, Small Business Administration, United States Secret, Small, Administration, Injury, SBA
Locations:
Rayburn, Washington ,